U.S. Treasury sanctions eight Canadian money services firms over Iran evasion, Ryan Wedding ties
The Treasury Department names businesses in B.C. and Ontario, several of which it says also worked with alleged drug kingpin Ryan Wedding.
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The U.S. Treasury Department has sanctioned eight Canadian money services businesses in British Columbia and Ontario, naming them as part of a scheme to evade sanctions on Iran's government.
The firms named include Million Exchange, NIA Nations Currency, Farah Exchange, Darvish Exchange and several numbered companies. The action was taken in coordination with Canada's anti-money laundering watchdog, the Financial Transactions and Reports Analysis Centre.
Several of the sanctioned entities also worked with Ryan Wedding, the alleged drug kingpin and former Canadian Olympic snowboarder, according to the Treasury. It alleges Wedding used these services to launder millions of dollars in drug money through digital assets before his arrest in January.
Treasury Secretary Scott Bessent said in a news release that Canada "cannot be a safe haven" for Iran sanctions evasion.
