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Prosecutors Charge McKinsey Consultant for Operating Hawala Network Tied to Iran
By Brian Monroe
printFederal investigators Thursday arrested a former consultant of a prominent New York management company for allegedly violating U.S. sanctions against Iran through the operation of an unlicensed money transmitting business. Federal prosecutors charged Mahmoud Reza Banki, a former senior associate at McKinsey & Company, with violating the International Emergency Economic Powers Act (IEEPA) and running an unlicensed money transfer business to transfer nearly $5 million between Iran and the United States from January 2006 through September 2009. In an effort to circumvent U.S. sanctions on Iran, Banki and an unnamed co-conspirator in Iran operated what's known as a hawala, an...
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