# U.S. Treasury Sanctions Canadian Firms Linked to Ryan Wedding Eight Canadian businesses face sanctions for facilitating Iranian sanctions evasion and drug money laundering. - **Source:** [CityNews Toronto](https://toronto.citynews.ca) - **Published:** 2026-11-06 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/17b5dc69-ab0a-4223-82a4-699cb23e9fe4 ## Sanctions on Canadian Entities The U.S. Treasury Department has officially sanctioned eight Canadian money services businesses located in British Columbia and Ontario. These entities are accused of assisting in the evasion of sanctions imposed on the Iranian government. The action was coordinated with Fintrac, Canada’s primary anti-money laundering watchdog, to disrupt illicit financial networks. ## Connection to Ryan Wedding Several of the sanctioned firms allegedly provided financial services to Ryan Wedding, a former Canadian Olympic snowboarder turned drug kingpin. Wedding reportedly utilized these businesses to launder millions of dollars in drug proceeds. He allegedly moved these funds through the transfer of digital assets prior to his arrest in January. ## Targeting Iranian Financial Channels U.S. Treasury Secretary Scott Bessent stated that Canada must not serve as a safe haven for facilitators of Iranian sanctions evasion. The Treasury aims to aggressively pursue and disrupt financial channels used by the Iranian regime and its proxies globally. This move represents a broader U.S. strategy to tighten financial oversight. ## Criminal Charges Against Wedding Ryan Wedding, who competed in the 2002 Winter Olympics, faces severe charges including drug trafficking, murder, and attempted murder. Currently held in federal custody, he awaits two separate trials scheduled for March and October of next year. He was previously convicted of cocaine distribution conspiracy in the United States in 2010. ## International Drug Trafficking Operations Authorities allege that after his initial prison release, Wedding resumed trafficking operations under the protection of Mexico's Sinaloa Cartel. His enterprise reportedly transported cocaine from Colombia into Mexico before distributing the narcotics across the United States and Canada using semi-trailers. This complex logistics network facilitated massive illicit profits for his organization. ## Judicial Corruption in Mexico A Mexican judge was recently arrested for allegedly accepting a two-million-dollar bribe to grant bail to one of Wedding's top lieutenants. The U.S. Department of Justice claims this judge unlawfully secured the release of Andrew Clark, a key figure in the violent international drug ring. This highlights the deep corruption surrounding the case. ## Ongoing Law Enforcement Efforts The investigation into Wedding’s activities has been extensive, involving cooperation between Canadian and American law enforcement agencies. A year ago, eight individuals were arrested in Canada as part of this ongoing U.S.-led probe. Authorities continue to dismantle the infrastructure that supported Wedding’s criminal activities while he was on the run. ## Broader Implications of Sanctions The inclusion of money services businesses in these sanctions underscores the vulnerability of digital asset transfers to criminal exploitation. By targeting these specific firms, the U.S. aims to close loopholes that allow drug cartels and sanctioned regimes to move capital. This case serves as a warning to financial intermediaries operating internationally. ## Sources covering this story - https://toronto.citynews.ca/2026/11/06/u-s-treasury-sanctions-canadian-firms-connected-to-ryan-wedding/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._