€65 Million Seized in Belgium in McKinsey Tax Fraud Investigation

Belgian and French financial prosecutors have announced the seizure of more than €65 million in Belgium as part of an ongoing tax fraud investigation into consulting giant McKinsey. The cross-border operation, executed on August 19 by the Brussels Public Prosecutor’s Office at the request of France’s Parquet National Financier (PNF), represents a significant milestone in a probe that has been running since March 2022.

The seized amount corresponds to “96% of the tax damage according to the assessment of the French national financial prosecutor,” according to a joint statement issued by French National Financial Prosecutor Pascal Prache and Brussels Public Prosecutor Julien Moinil.

A Four-Year Investigation Rooted in a Senate Inquiry

The investigation stems from a French Senate inquiry commission report delivered on March 16, 2022, which examined the growing influence of private consulting firms on French public policies since Emmanuel Macron came to power in 2017. The commission found that contracts between the French state and consulting firms had “more than doubled” between 2018 and 2021, reaching a record amount exceeding €1 billion in 2021.

The Senate report specifically accused McKinsey’s French entities of “tax optimization” that allegedly allowed them to pay no corporate tax in France between 2011 and 2020. Following these allegations, the PNF opened a preliminary investigation on March 31, 2022, for aggravated money laundering of tax fraud, entrusted to the Office National Antifraude (ONAF). The probe was announced publicly in April 2022.

In May 2022, police searches were carried out at McKinsey & Company Inc. France’s Paris premises on the Champs-Élysées. The investigation continued through 2025 and 2026 with hearings of witnesses and suspects.

Cross-Border Judicial Cooperation

After completing these hearings, the PNF requested the assistance of the Brussels prosecutor’s office “within the framework of international judicial cooperation.” The Brussels prosecutor’s Direction des Affaires internationales et européennes executed the seizure on August 19, 2026.

The joint communiqué emphasized the importance of a coordinated approach in financial crime cases, stating that “in matters of seizure and confiscation of criminal assets, a global judicial strategy is necessary from the detection and freezing of assets.” The operation demonstrates how assets can be tracked and frozen across jurisdictions when they are suspected to be linked to criminal activity.

McKinsey’s Response

McKinsey contests any wrongdoing, stating through AFP that “the precautionary seizure measure is a procedural measure linked to a preliminary investigation conducted by the French authorities. It does not constitute a court decision.” The firm added that it “continues to cooperate with the French authorities and contests any wrongdoing,” reaffirming its “commitment to respect [its] tax obligations in France and in each of the countries where [it carries out its] activities.”

This position is consistent with the company’s earlier defense when it denied the Senate’s allegations, noting that one of its subsidiaries had paid corporate tax for six years during the period in question. The 20 Minutes report noted that the seizure is linked only to the preliminary investigation opened in March 2022, which remains ongoing.

Separate Investigations

The tax fraud seizure is distinct from other judicial investigations opened subsequently, including for “non-compliant keeping of campaign accounts” related to consulting firms’ involvement in Macron’s 2017 and 2022 presidential campaigns, and for favoritism. Searches have been carried out at the homes of McKinsey directors and former directors, the Ministry of Health, McKinsey’s Paris headquarters, and the headquarters of Macron’s Renaissance party and its financing association.

Political Context and Broader Implications

The McKinsey affair became a major political controversy during the 2022 French presidential campaign, with opposition parties accusing the Macron government of favoritism toward the consulting firm. Some McKinsey members had previously worked for Macron’s political movement, particularly during the 2017 presidential campaign. Macron himself responded to the initial Senate report by saying, “If there is evidence of manipulation, let it go to criminal court.”

According to La Libre Belgique, the seizure covers nearly the entire estimated tax damage, which suggests French prosecutors have developed a clear assessment of the alleged fraud and have successfully identified and frozen the relevant assets across borders.

What to Watch For

The preliminary investigation remains ongoing, and prosecutors have not disclosed which specific assets were seized in Belgium or from which accounts. The case raises broader questions about the growing influence of private consulting firms on public policy and the potential for conflicts of interest. As the investigation progresses, observers will be watching whether the seizure leads to formal charges against McKinsey or individuals, and whether similar actions could follow in other jurisdictions where the firm operates.