The Office of Foreign Assets Control (OFAC) is a division of the U.S. Department of the Treasury responsible for administering and enforcing economic and trade sanctions based on U.S. foreign policy and national security goals. OFAC maintains various sanctions lists, including those targeting individuals, entities, and countries involved in activities such as terrorism, narcotics trafficking, and human rights violations. 

OFAC plays a crucial role in financial crime compliance efforts by providing guidance and requirements for financial institutions and businesses to adhere to U.S. sanctions laws. Organisations must screen transactions and customers against OFAC lists to ensure they do not engage with sanctioned parties. Compliance with OFAC regulations helps prevent the facilitation of illicit activities and ensures that financial institutions operate within legal boundaries, thereby maintaining the integrity and security of the financial system.