- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-14T15:53:00
Zoetis, a developer and manufacturer of vaccines and medicines for animals, disclosed it was informed by the Treasury Department’s Office of Foreign Assets Control (OFAC) that it won’t face enforcement for potential violations of Iran sanctions uncovered during an acquisition integration.
Zoetis said in its latest annual report Tuesday that it received a no-action letter from OFAC in July regarding the self-disclosed matter. Such letters are sent when OFAC finds there is not sufficient evidence to determine a violation of sanctions.
In February 2020, Zoetis said it voluntarily informed OFAC of its preliminary findings. As its internal investigation continued, it updated the agency in December 2020, along with alerting the Department of Justice (DOJ). The company said it still has not heard back from the DOJ.
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Swiss-based global private banking group EFG International agreed to pay more than $3.7 million as part of a settlement with the Office of Foreign Assets Control addressing apparent violations of U.S. sanctions against Cuba and two blocked individuals.
Insurance organization Privilege Underwriters Reciprocal Exchange agreed to pay $466,200 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctioned transactions on behalf of designated Ukrainian-Russian oligarch Viktor Vekselberg.
Nasdaq agreed to pay more than $4 million as part of a settlement with the Office of Foreign Assets Control addressing apparent Iran sanctions violations at the stock exchange operator’s former Armenian subsidiary.
The U.K. has issued 56 new sanctions against entities and individuals involved with Russia’s war effort, including several private mercenary groups operating in Africa that are connected to the Kremlin.
Global sanctions rules are increasing rapidly, as are tools to detect and punish those who break them. In response, the U.K. government is creating a new Office of Trade Sanctions Implementation to investigate and penalize those who break sanctions rules.
Five individuals and seven entities in Iran, China, and Hong Kong have been targeted for U.S. sanctions by the Treasury Department’s Office of Foreign Assets Control for helping to obtain components used in Iran’s missles and drones.
