Zoetis says no action from OFAC in Iran sanctions matter
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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