US Treasury Sanctions 8 Canadian Money Services Businesses Tied to Iran, Offers Up to $20 Million for Nuclear Program Information

Odaily: The US Treasury announced financial sanctions against 8 Canadian money services businesses, alleging that these companies conducted business with sanctioned Iranian entities and facilitated the exchange of currencies such as the Iranian rial for digital assets.

The US Treasury stated that the companies had assisted sanctioned Iranian digital asset exchanges and digital asset addresses linked to Iran's Islamic Revolutionary Guard Corps (IRGC) in conducting transactions. The sanctions will restrict these businesses' access to the US dollar financial system. Some of the entities involved had also evaded detection by changing names and addresses. The action was coordinated with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

US Treasury Secretary Scott Bessent said Canada cannot become a safe haven for illicit financial intermediaries providing sanctions-evasion services to the Iranian regime and its proxies. The US "Rewards for Justice" program is separately offering up to $20 million for information on facilities, equipment, and personnel related to Iran's nuclear program, and may provide possible relocation arrangements. (Cointelegraph)