Mitigating OFAC Risks in Mergers and Acquisitions

This past year marked a watershed in highlighting the U.S. sanctions risks associated with mergers and acquisitions. Both in word and in deed, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) served notice during 2019 that it expects acquirers to conduct appropriate pre-acquisition and post-acquisition due diligence on target companies, especially those located abroad. In the article, partner Gary Stein, lawyer Betty Santangelo, partner Peter White, special counsel Melissa Goldstein, associate Hannah Thibideau and former Schulte lawyer Jennifer Opheim discuss OFAC’s recent guidance and identify ways in which acquirors can mitigate sanctions risks.