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Recent Editions
Risk Channel
North America
Billions of dollars linked to Iran are reportedly passing through U.S. correspondent banking accounts each year despite sanctions restricting most financial activity involving Tehran, highlighting the challenges Washington faces in policing the global dollar system. The Treasury identified about $9bn in Iranian funds that moved through American banks in 2024. Iran has used networks of shell companies, currency exchanges, and foreign financial institutions to obscure transactions ultimately cleared by U.S. lenders. The Trump administration is increasing pressure on foreign and American banks to identify suspicious activity, recently moving to restrict the UAE branch of Egypt’s Banque Misr from U.S. correspondent accounts after officials said it routed as much as $1.8bn for companies potentially connected to Iranian shadow-banking networks. However, tougher enforcement carries risks, including disrupting legitimate international banking, reducing U.S. visibility into Iranian financial activity, and encouraging greater use of alternatives to the dollar, such as the Chinese yuan and cryptocurrency.
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Risk Channel
UK/Europe
Nats chief executive Martin Rolfe is facing mounting calls to resign after another air traffic control failure caused more than 2,000 flight cancellations and disrupted around 330,000 passengers. Transport secretary Heidi Alexander said the outage was not unavoidable and ordered both a rapid Nats review and an independent Civil Aviation Authority investigation. Airline leaders argue the latest failure exposes a recurring lack of resilience following major outages in 2023 and 2025. Ryanair chief Michael O’Leary said: “We don’t need more ‘investigations’,” while Airlines UK demanded a clear contingency improvement plan. Rolfe, who earned £1.5m last year, has retained government backing for now. Nats has ruled out a cyberattack and says the fault involved its flight processing system. Passengers directly affected are unlikely to receive compensation because the disruption may be classed as extraordinary circumstances.
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