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US Treasury sanctions eight Canadian businesses over alleged Iran transactions

The US Treasury imposed sanctions on eight Canadian businesses, alleging that they helped move money connected to Iran through currency exchanges and digital assets. The measures block assets under US jurisdiction and generally prohibit transactions involving US persons. Some businesses also face Treasury allegations concerning money linked to former Olympic athlete Ryan Wedding.

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Over a reporter’s shoulder, a Treasury official addresses a press briefing in Washington announcing sanctions against Canadian money services businesses.

Eight firms lose access to US transactions

The US Treasury announced sanctions on November 6 against eight money services businesses in Ontario and British Columbia, Canada. It accused the businesses of helping move funds connected to Iran through currency exchange and digital assets. The designations target companies operating in Canada rather than imposing a new general sanction on the country.[1], [2]

The measures block assets the designated firms may hold under US jurisdiction and prohibit transactions involving American people or entities. Treasury presented the action as enforcement against financial channels serving Iran’s government. The accusations accompanying the designation remain the US authorities’ allegations, rather than findings from a criminal conviction.[1]

Currency exchanges face Iran-linked allegations

Treasury alleged that the firms provided services to Iranian currency exchanges and transactions associated with the Islamic Revolutionary Guard Corps, Iran’s military organization listed as terrorist by Canada. The named businesses include Million Exchange, Amin Exchange, NIA Nations Currency, Farah Exchange and Darvish Exchange. Other designated companies include Top PC Technician, CCC and B Galaxy, which operates as Cryptoyal. Treasury also alleged that some businesses changed names and addresses to avoid detection.[1]

Treasury also alleges Wedding-related transfers

The department separately alleged that three businesses converted bulk cash linked to Ryan Wedding into digital assets. Wedding is a former Olympic athlete accused of running a drug-trafficking organization and was arrested in January. Treasury said millions of dollars in digital funds were sent abroad before that arrest. CBC sought comment from Wedding’s lawyer; no response was included in its account.[1]

References

  1. News sourceCBC NewsUS sanctions eight Canadian businesses over alleged Iran links↩1↩2↩3↩4
  2. News sourceU.S. Department of the TreasuryUS Treasury sanctions eight Canadian money services businesses↩
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