Office of Foreign Funds Control, which was the predecessor of US Treasury Department’s OFAC. FCC was established at the advent of World War II following the German invasion of Norway in 1940. The FFC program was administered by the US Secretary of the Treasury throughout the war. The FFC’s initial purpose was to prevent Nazi use of the occupied countries’ holdings of foreign exchange and securities and to prevent forced repatriation of funds belonging to nationals of those countries. These controls were later extended to protect assets of other invaded countries. After the United States formally entered World War II, the FFC played a leading role in economic warfare against the Axis powers by blocking enemy assets and prohibiting foreign trade and financial transactions.

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