US sanctions Canadian money-exchange firms over Iran ties
US also offers as much as $20 million and possible relocation for information about Iran’s nuclear program.
The U.S. Department of the Treasury has imposed financial sanctions on eight Canadian money-service companies for allegedly engaging in transactions with sanctioned Iranian entities. These firms facilitated the exchange of Iranian rials and other currencies for digital assets, enabling international transactions, according to a statement from the Treasury on Friday.
The sanctions aim to isolate these companies from the dollar-based financial system, as they facilitated transactions with sanctioned Iranian digital asset exchanges and addresses associated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Secretary of the Treasury Scott Bessent stated that Canada cannot serve as a safe haven for illicit financial facilitators providing services to the Iranian regime and its proxies. The U.S. has offered up to $20 million and potential relocation to anyone with information about Iran’s nuclear program, including its facilities, equipment, and personnel.
This action is part of the Treasury's campaign to disrupt the regime's exploitation of digital assets for funding terrorism, human rights abuses, and attacks on U.S. personnel and allies. The sanctions were coordinated with Canada’s financial intelligence unit, FINTRAC. Some of the targeted entities have attempted to evade detection by changing their names and addresses.
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