US sanctions eight Canadian companies accused of helping Iran evade sanctions

The US Treasury Department announced Friday that it had imposed sanctions on eight Canadian businesses accused of facilitating financial transactions designed to circumvent American sanctions against the Iranian regime. The measures target money services businesses operating in Ontario and British Columbia and were coordinated with Canada's financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada (Fintrac).

Among the businesses identified by the Treasury Department were Million Exchange, NIA Nations Currency and Farah Exchange, along with Darvish Exchange and several numbered companies. US Treasury Secretary Scott Bessent warned that Washington would continue pursuing financial networks that assist Tehran in circumventing international restrictions. “Canada cannot be a safe haven for illicit financial facilitators that provide sanctions-evasion services to the Iranian regime and its proxies," Bessent said in a statement.

“Treasury will pursue and disrupt the Iranian regime’s financial channels anywhere in the world." The announcement marks another step in Washington's efforts to disrupt financial networks supporting Iran as the United States continues its military campaign against the Islamic Republic. The Centre for Israel and Jewish Affairs (CIJA) welcomed the sanctions and renewed its call for the Canadian government to take stronger measures against Iranian regime-linked activities within the country.

In its response, CIJA said it "has long called on the Canadian government to ensure that Canada is not used as a safe haven for the IRGC, its operatives or other elements of the regime." The organization stressed that the issue extended beyond violations of financial sanctions and involved broader concerns about the Iranian regime's international activities. "This is about far more than illicit financial activity. It is about individuals and networks operating in Canada to support a despotic regime that murders tens of thousands of its own people, exports terrorism around the world, launches missiles and drones at its neighbors, and arms Russia with weapons used in its horrific war against Ukrainians."

CIJA also urged Ottawa to address the issue as it develops its national security priorities. "As the Canadian government advances its new National Security Strategy, with an emphasis on strategic autonomy, it must take decisive action against Iran, its proxies and their networks operating in Canada," CIJA continued. The organization concluded with a warning against allowing Canadian financial networks to facilitate activities benefiting Tehran.

"Canada cannot be a safe haven for those who facilitate sanctions evasion, finance the Iranian regime or enable its global terror operations," it stated.