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US Treasury Sanctions Eight Canadian Firms Over Alleged Iran Sanctions Evasion and Drug Trafficking Ties

US Treasury Sanctions Eight Canadian Firms Over Alleged Iran Sanctions Evasion and Drug Trafficking Ties

The United States Treasury Department has imposed sanctions on eight Canadian currency-exchange businesses, accusing them of facilitating transactions for sanctioned Iranian entities and engaging in money laundering. These measures are part of the Treasury's 'Operation Economic Outcast,' aimed at disrupting financial networks supporting the Iranian regime. The sanctioned firms, located in Ontario and British Columbia, include Million Exchange, Amin Exchange, and Cryptoyal. According to US Treasury Secretary Scott Bessent, Canada should not serve as a safe haven for illicit financial facilitators aiding the Iranian regime and its proxies. The Treasury also stated that some of these businesses converted Iranian rials and other currencies into digital assets like cryptocurrency and assisted an alleged head of a drug trafficking ring. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) confirmed its collaboration with the US Financial Crimes Enforcement Network (FinCEN) in this action, e...
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FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global

FinCEN Issues Order Prohibiting U.S. Financial Institutions from Transactions with MEXC Global
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Binance Hack Funds Traced to Chinese Money-Laundering Networks by Chainalysis

Binance Hack Funds Traced to Chinese Money-Laundering Networks by Chainalysis

Blockchain analytics firm Chainalysis has reported that funds stolen in the $6.3 billion Binance hack are being moved through Chinese money-laundering networks. The hackers, identified by U.S. authorities as North Korea's TraderTraitor group, are employing various tactics, including transferring assets across thousands of digital wallets and multiple blockchains, to obscure the origin of the stolen cryptocurrency. While only a fraction of the total stolen amount, specifically hundreds of thousands of dollars, has been tracked into these Chinese networks, this activity suggests a concerted effort by the hackers to convert the digital assets into cash. This method of using Chinese money-laundering networks has been observed in previous North Korean cyber thefts.
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US Treasury sanctions Canadian money services firms over Iran-related transactions

US Treasury sanctions Canadian money services firms over Iran-related transactions

WASHINGTON, Nov 6 (Reuters) - The US Treasury said on Friday that it had imposed financial sanctions on eight money services firms based in Canada that it alleges have facilitated transactions with sanctioned Iranian entities.
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FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation

FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation

FinCEN Cuts Off MEXC Global's Access to U.S. Financial System Over Illicit Finance Facilitation
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Bank of America Fined Over $1.21 Billion for Anti-Money Laundering and Sanctions Violations

Bank of America Fined Over $1.21 Billion for Anti-Money Laundering and Sanctions Violations

Bank of America Fined Over $1.21 Billion for Anti-Money Laundering and Sanctions Violations
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US slaps sanctions on Indian, Turkish firms and people for aiding Iran

US slaps sanctions on Indian, Turkish firms and people for aiding Iran

By Andrea Shalal WASHINGTON, Nov 4 (Reuters) - The US Treasury issued fresh sanctions on Wednesday against companies and individuals based in India and Turkey for their support of Iran, warning that it would continue to go after anyone who supported the Iranian government.
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OFAC Issues Iran-Related Alert and Amends Venezuela-Related General License, Designating Individuals and Entities

OFAC Issues Iran-Related Alert and Amends Venezuela-Related General License, Designating Individuals and Entities

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken several actions, including publishing an Iran-related Alert titled 'Iranian Shadow Fleet Reliance on False Flags for Sanctions Evasion.' Additionally, OFAC is issuing Venezuela-related General License 5AA, which authorizes certain transactions related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or after December 18, 2026. An amended Frequently Asked Question, FAQ 595, has also been released. Furthermore, OFAC has updated its Specially Designated Nationals and Blocked Persons (SDN) List and the Sectoral Sanctions Identifications (SSI) List. These updates include the addition of several individuals and entities, primarily from India, Russia, and Iran, with connections to Iran-related activities, including shipping, financial services, and air transport. The designations target individuals and companies involved in facilitating sanctions evasion and supporting illicit networks.
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Carney uses higher oil revenue to spend on tax incentives, infrastructure in second Canadian budget

Carney uses higher oil revenue to spend on tax incentives, infrastructure in second Canadian budget

By Promit Mukherjee, David Ljunggren and Maria Cheng OTTAWA, Nov 5 (Reuters) - Prime Minister Mark Carney plans to use windfall oil revenue to boost Canada's productivity and build infrastructure over the next five years while keeping his previous fiscal goals intact, his second budget showed on
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Economists urge fiscal restraint in Canadian budget despite oil windfall

Economists urge fiscal restraint in Canadian budget despite oil windfall

By Promit Mukherjee OTTAWA, Nov 5 (Reuters) - Economists are urging Canadian Prime Minister Mark Carney's government to restrain spending in its second budget on Thursday, saying that despite windfall oil revenue, spending commitments could lead to bigger deficits in the coming years.
ReutersReuters
Stocks rally, dollar dips after Democrats' 'blue sweep' victory

Stocks rally, dollar dips after Democrats' 'blue sweep' victory

By Amanda Cooper LONDON, Nov 4 (Reuters) - Global stocks recovered on Wednesday from lows hit overnight, while the dollar dipped, after Democrats won control of both the Senate and the House in the US midterm elections, which has fuelled fears that rapid AI sector growth could be hamstrung by
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Brent crude jumps, settles up over $3 after tanker attacks

Brent crude jumps, settles up over $3 after tanker attacks

By Siddharth Cavale NEW YORK, Nov 5 (Reuters) - Brent crude futures settled over $3 a barrel higher on Thursday as new attacks on tankers fed worries about oil supplies while investors reassessed the outlook for the US-Israeli war with Iran. Brent finished up $3.67, or 3.88% at $98.29 a barrel.