US Treasury sanctions eight Canadian money exchange firms over Iran ties

Detailed summary

US Treasury claims firms helped sanctioned Iranian entities and handled funds linked to alleged drug trafficking boss.

The United States has imposed sanctions on eight Canadian currency-exchange businesses accused of helping Iranian entities circumvent financial sanctions.

The US Department of the Treasury announced the measures on Friday as part of what it calls "Operation Economic Outcast".

The Treasury said some of the businesses also laundered their proceeds by converting Iranian rials and other currencies into digital assets such as cryptocurrency, adding that some of the businesses helped an alleged head of a drug trafficking ring.

"Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies," US Treasury Secretary Scott Bessent said in a statement.

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