Why transaction volume raises red flags

Investigative reporters have uncovered a network of these crypto-to-cash desks operating across Canada. And some of the transactions moving through them appear linked to crypto wallets allegedly associated with the Islamic Revolutionary Guard Corps.

So how could money tied to a sanctioned regime end up moving through Toronto?

Host Noor Azrieh speaks with reporters behind the global investigation, The Coin Laundry, and with financial-crime experts about how Iran and other sanctioned actors use cryptocurrency to move money around the world.

Then we zoom out. As the US-Israeli war in Iran escalates, Liberal MP Julie Dzerowicz joins us to explain what Canada is actually doing about it.

CORRECTION: This episode incorrectly identified Toronto Star journalist Sheila Wang as Sheila Edwards. We regret the error.

Host: Noor Azrieh

Credits: Aviva Lessard (Senior Producer), Sam Konnert (Host/Producer), Noor Azrieh (Host/Producer), Caleb Thompson (Audio Editor and Technical Producer), Max Collins (Director of Audio) Jesse Brown (Editor), Tony Wang (Artwork)

Guests: Spencer Woodman, Richard Sanders, Jessica Davis

Background reading:

• Suspicious transactions at GTA crypto shops reveal alleged links to Iran-backed terror groups. Is the regulator doing enough to police them? – Toronto Star
• From Dubai to Toronto, inside the crypto-to-cash storefronts fueling money laundering’s new frontier – International Consortium of Investigative Journalists
• Inside Canada’s shadowy crypto banking system that makes it easy to facilitate ‘an unlimited amount of crime’ – Toronto Star
• Iran’s Crypto Sector Was a Lifeline Through Sanctions. War Could Shut It Down – WIRED Middle East
• 2 charged in killing of former SFU instructor who was outspoken Iran critic – CTV News
• Police call shooting at U.S. consulate in Toronto 'national security incident,' seek 2 suspects – CBC News
• MPs demand answers about failure to deport and name Iranian regime officials – The Globe and Mail

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