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Conviction Reversal of Ex-McKinsey Adviser Highlights Exemptions for Sanctions, MSB Laws
By Brian Monroe
printA federal court ruling reversing convictions against a former financial adviser for running an unlicensed money remitter that accepted money from Iran highlights little known exceptions to prohibitions on accepting Iranian money. On Tuesday, the United States Court of Appeals Second Circuit in New York reversed the conviction of ex-McKinsey & Co. consultant Mahmoud Reza Banki for violating Iran sanctions and reversed and remanded his conviction for running an informal international transfer business known as a hawala. The court upheld two convictions of lying in response to U.S. Treasury Department subpoenas. Banki, who accepted $3.4 million from family members who...
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