U.S. Sanctions Eight Canadian Firms Over Alleged Financial Links to Iran and Drug Trafficking
The United States Department of the Treasury has imposed sanctions on eight money services businesses operating in Canada. These firms are accused of acting as financial conduits for Iran, its Islamic Revolutionary Guard Corps (IRGC), and international drug trafficking networks. The enforcement action, dubbed 'Operation Economic Outcast,' was launched in August to dismantle foreign financial mechanisms and cryptocurrency channels allegedly used by Tehran to bypass international sanctions. Treasury Secretary Scott Bessent stated that Canada cannot be a safe haven for illicit financial facilitators supporting the Iranian regime. The Office of Foreign Assets Control (OFAC) claims these Canadian firms exchanged Iranian rials and conventional currencies for cryptocurrencies to facilitate cross-border transactions involving sanctioned Iranian entities. Investigations allege that multiple targeted firms transacted with state-aligned Iranian digital asset exchanges, including Nobitex, Wallex, Bitpin, and Shelbit, ...
