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Another Former McKinsey Consultant Indicted for Operating "Hawala"

MR (VIII, N4) - In a second blow to the reputation of the venerable strategy firm, a former McKinsey & Co. consultant has been indicted on charges of conspiracy and operating an unlicensed "money transferring business." Mahmoud Reza Banki's activities are said to have occurred before and after his departure from McKinsey. The scheme allegedly involved a hawala, which operated as an informal value transfer system in which money did not physically cross international boundaries through the banking system. Approximately $4.7 million was exchanged between companies and individuals indirectly in the U.S., Iran, Saudi Arabia, Kuwait, Latvia, Slovenia, Russia, Sweden, the Philippines, and other countries. (Includes indictment, 762 words) . . . (to read the remainder of this article, please log in below.)
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