In a separate action, the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order targeting cryptocurrency exchange MEXC Global, which is incorporated in Seychelles. (Photo/Reuters)
\n\nThe US Treasury Department has imposed sanctions on eight money services businesses in Canada, accusing them of facilitating financial transactions involving sanctioned Iranian entities as Washington intensifies its efforts to disrupt Tehran’s international financial networks.
\n\nThe measures effectively cut the companies off from the US financial system, blocking any assets they hold in the United States and prohibiting transactions with US individuals and entities.
\n\n“Canada is home to hundreds of money services businesses that enable the movement of funds into and out of Iran, both through cash-based value transfer systems and by converting cash into digital assets to send across borders,” the Treasury Department said in a statement.
\n\nUS Treasury Secretary Scott Bessent defended the action, saying Canada could not become a safe haven for businesses allegedly helping Iran evade sanctions.
\n\n“Canada cannot be a safe haven for illicit financial facilitators that provide sanctions evasion services to the Iranian regime and its proxies,” Bessent said. He added that the Treasury would pursue and disrupt Iran’s financial channels worldwide.
\n\nThe eight designated businesses are Diverse Trade…
Original source: https://www.timesnownews.com/latest-news
