Final answer:
OFAC's economic and trade embargoes must be complied with by individuals, businesses, organizations, and governmental entities within the United States and those involved in U.S. markets, including foreign tourists and investors. This compliance extends to any U.S.-related person or entity, addressing national security and foreign policy challenges.
Step-by-step explanation:
The persons and entities that must comply with the Office of Foreign Assets Control's (OFAC) economic and trade embargoes include a wide range of individuals and groups. The list of those who must obey these regulations includes individual people, businesses, utility companies, schools and universities, and governments (local, state, and national).
Moreover, foreign tourists visiting the United States and foreign investors who wish to make direct investments in the U.S. economy are also subject to OFAC rules. The scope of OFAC's authority extends to all U.S. citizens, including those living abroad, all U.S. permanent residents, all U.S. entities (including corporations, partnerships, and trusts), and all entities operating in the United States.
The enforcement of these regulations is in response to foreign policy and national security challenges, with different countries taking varied stances on issues such as the military regime in Burma or the nuclear program in Iran. The goal of these embargoes is to use economic pressure to influence foreign governments and entities to change policies or behaviors that are opposed by the U.S. government, as seen in historical cases like the U.S. trade embargo with Cuba.