US imposes sanctions on eight Canadian companies over transactions with Iran | Today’s news
(Bloomberg) — The U.S. has imposed sanctions on eight Canadian entities over allegations they facilitated international transactions involving Iran.
The Treasury Department on Friday announced new sanctions on money services it said help Tehran and individuals with connections to the country exchange Iranian rials and other currencies for digital assets. Some of the entities also worked with Ryan Wedding, a former Olympian accused by the FBI of running one of the world’s largest cocaine rings, according to a Treasury Department statement.
The US coordinated the move with Canada’s financial intelligence unit Fintrac and the Financial Crimes Enforcement Network. It is part of a broader US effort to isolate Tehran’s economy through a renewed push called Operation Economic Outcast.
“Canada cannot be a safe haven for illicit financial intermediaries who provide sanctions evasion services to the Iranian regime and its proxies,” Finance Minister Scott Bessent said in a statement.
Fintrac has reiterated its commitment to scrutinize businesses that trade in virtual currencies. It added that it has deregistered 161 money services businesses so far in 2026, more than in the past three years combined.
It said Canadian legislation restricts it from sharing information about compliance measures other than monetary penalties.
The US and Canada have had an increasingly strained relationship under the Trump administration, and Bessent has been critical of Canada in recent months amid a trade dispute that has escalated with retaliatory tariffs. The Treasury chief said Canada was trying to have the benefits of being a US state without being one.
Canada could improve its oversight of non-financial institutions that handle potentially sensitive money, including real estate firms and lawyers. This is according to an assessment by the Financial Action Task Force, an international organization that sets standards for preventing money laundering and the financing of terrorism and weapons of mass destruction.
–With help from Melissa Shin.
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