AI-generated illustration; not a photograph of the reported event.
- calendar_today November 7, 2026
U.S. Treasury Takes Action Against Canadian Firms
The United States Treasury Department has imposed sanctions on eight Canadian businesses for allegedly assisting Iran in evading international sanctions. The announcement was made on November 6, 2026, and marks a significant move in cross-border efforts to crack down on illicit financial activities linked to the Iranian government.
Coordination with Canadian Authorities
According to the U.S. Treasury, the action was carried out in coordination with Fintrac, Canada’s anti-money laundering watchdog. The targeted sanctions focused on money services businesses operating in British Columbia and Ontario, regions identified as key locations for the named companies.
Allegations Linking Former Olympian Ryan Wedding
The Treasury Department stated that several of the sanctioned entities allegedly collaborated with Ryan Wedding, a former Canadian Olympic snowboarder who is also described by officials as an alleged drug kingpin. Authorities claim Wedding utilized various money services firms included in the sanctions to launder millions of dollars in drug money through the transfer of digital assets prior to his arrest in January.
Identified Companies
The sanctioned companies are listed as including Million Exchange, NIA Nations Currency, Farah Exchange, Darvish Exchange, as well as several numbered companies based in Ontario and British Columbia. These businesses are accused of playing a role in sanctions evasion and facilitating illicit financial transactions benefitting the Iranian regime and its proxies.
Official Statement from U.S. Treasury
In a news release, U.S. Treasury Secretary Scott Bessent emphasized the need for vigilance against the misuse of Canada’s financial system. “Canada cannot be a safe haven for illicit financial facilitators that provide sanctions-evasion services to the Iranian regime and its proxies,” Bessent stated.
Ongoing Efforts Against Sanctions Evasion
This move by the U.S. Treasury highlights ongoing cross-border cooperation between American and Canadian authorities in tackling money laundering, digital asset abuse, and the broader network of sanctions evasion tied to Iran. The investigation and resulting sanctions underscore the importance of coordinated regulatory oversight in addressing complex financial crimes that span international borders.
Source: globalnews.ca.
