U.S. Treasury Sanctions Canadian Firms Connected to Ryan Wedding
Treasury says the firms helped move funds for sanctioned Iranian entities and tied some transactions to alleged drug kingpin Ryan Wedding.
- On Friday, the United States Treasury Department imposed sanctions on eight Canadian money services firms, alleging they facilitated transactions for sanctioned Iranian entities and coordinating with Canadian financial authorities.
- Treasury Secretary Scott Bessent stated Canada 'cannot be a safe haven' for sanctions evasion, as the Office of Foreign Assets Control alleges firms exchanged Iranian rials into digital assets linked to the Islamic Revolutionary Guard Corps.
- Several sanctioned entities also allegedly laundered millions in drug proceeds for Ryan Wedding, the former Canadian Olympic snowboarder arrested in January. The Drug Enforcement Administration participated in the investigation targeting businesses in Ontario and British Columbia.
- These measures effectively cut the firms off from the dollar-based financial system, blocking any assets subject to United States jurisdiction. US persons are prohibited from conducting transactions with designated businesses including Million Exchange and Darvish Exchange.
- Separately, the Treasury's Financial Crimes Enforcement Network cut off virtual currency exchanger MEXC Global from the US financial system, alleging it facilitated at least $16 billion in illicit transactions linked to Iran, North Korea, and Russia.
52 Articles
52 Articles
U.S. sanctions Canadian money-exchange businesses allegedly connected to Iranian regime, Ryan Wedding
The United States government has announced sanctions against several Canadian currency-exchange businesses accused of helping the Iranian regime and, in several cases, also helping the alleged head of a drug trafficking ring.
U.S. Treasury Says Ryan Wedding Laundered Billions in Drug Money Through Canadian Currency Exchanges, Sanctioning Eight Toronto and Vancouver Firms Accused of Moving Money for IRGC
Washington’s action affirms two years of exclusive Bureau reporting on the convergence of Iranian financial networks and Wedding’s cartel operation in Canada.
US Treasury Sanctions Canadian Firms Connected to Ryan Wedding
FILE - An image of former Canadian Olympic snowboarder Ryan Wedding, who is a fugitive and been charged with allegedly running and participating in a transnational drug trafficking operation, is displayed on a video monitor along with bricks of cocaine, foreground, during a news conference at the FBI offices in Los Angeles, on Oct. 17, 2024. (AP Photo/Damian Dovarganes, File)
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