Category: aml

Regulatory Watch News

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  McKinsey & Company Africa to Pay Over $122M in Connection with Bribery of South African Government Officials

  US Department of Justice

  December 5, 2024

  McKinsey and Company Africa (Pty) Ltd (McKinsey Africa), which operates in South Africa as a wholly owned and controlled subsidiary of international consulting firm McKinsey & Company Inc. (McKinsey), will pay over $122 million to resolve an investigation by the Justice Department into a scheme to pay bribes to government officials in South Africa between 2012 and 2016. The guilty plea of a former McKinsey senior partner who participated in the bribery scheme was also unsealed. The Justice Department’s resolution is coordinated with prosecutorial authorities in South Africa.

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  Investigation Admiral 3.0: EPPO probes €38 million VAT fraud in Greece

  European Public Prosecutor's Office

  December 5, 2024

  (Luxembourg, 5 December 2024) – Yesterday, the European Public Prosecutor’s Office (EPPO) in Athens (Greece) carried out searches in several locations, in a probe into a suspected VAT carousel fraud uncovered during investigation Admiral, with an estimated damage of €38 million. This investigation was opened after a criminal thread based in Greece was unveiled, following support given in November 2022 in the context of the Admiral investigation. Based on the evidence gathered so far, a Greece-based syndicate was using partly the same organisation and infrastructure as the perpetrators investigated under Admiral, to carry out a massive VAT carousel fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax.

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  How Abdulfatah Ahmed, Ex-Kwara Governor Allegedly Misappropriated N5bn UBEC Fund: Witness

  EFCC

  December 5, 2024

  The trial of the immediate past Governor of Kwara State, Alhaji Abdulfatah Ahmed and his Finance Commissioner, Ademola Banu over alleged stealing and mismanagement of public funds to the tune of N5.78billion got underway on Wednesday, December 4, 2024 before Justice Mahmud Abdulgafar of the Kwara State High siting in Ilorin.