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Former McKinsey Consultant Found Guilty of Breaking Iran Embargo, Operating Hawala
printA New York court convicted a former executive of a prominent management consultancy of helping transfer $3.4 million into Iran through the informal exchange system known as hawala. A jury found former McKinsey & Company senior associate Mahmoud Reza Banki guilty Friday on five counts, including running an unlicensed money services business. With the help of an Iran-based co-conspirator, Banki used a Bank of America account to facilitate prohibited international money transfers to Iranians, according to prosecutors. Between January 2006 and September 2009, Banki received $3.4 million in wires from individuals and companies in Saudi Arabia, Kuwait, Latvia, Sweden, Russia...
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