U.S. Treasury Sanctions Eight Canadian Firms Over Alleged Iran Ties and Illicit Financial Activities
The U.S. Department of the Treasury has imposed sanctions on eight Canadian currency-exchange businesses, accusing them of facilitating financial transactions for Iranian entities to evade sanctions. These measures, part of "Operation Economic Outcast," target firms primarily located in Ontario and British Columbia, including Million Exchange, Amin Exchange, and Cryptoyal. According to Treasury Secretary Scott Bessent, these businesses allegedly helped sanctioned Iranian entities and laundered proceeds by converting Iranian rials and other currencies into digital assets like cryptocurrency. Some firms are also accused of assisting an alleged head of a drug trafficking ring. The sanctions effectively cut these businesses off from the U.S. dollar-based financial system, freezing any assets they hold in the U.S. and prohibiting transactions with American individuals or entities. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) confirmed its collaboration with the U.S. Financial Crime...
