Belgium Seizes €65.2 Million From McKinsey in French Tax-Fraud Probe

Belgian authorities seized €65,244,757.07 held in McKinsey & Company accounts in Brussels on August 19 at the request of French investigators. The action is a provisional asset seizure in France’s long-running inquiry into suspected aggravated laundering of tax fraud; it is not a judicial finding that McKinsey or any individual is guilty. 19

What was seized—and why the figure matters

The funds were seized from McKinsey accounts in Brussels as part of cooperation between Belgian and French authorities. French prosecutors said the amount represents 96% of the tax harm they estimate in the case—effectively almost all of the alleged unpaid tax loss assessed at this stage. 911

A seizure preserves assets while an investigation proceeds. It does not, by itself, determine whether tax was unlawfully avoided, whether any money was laundered, or what final penalty—if any—might follow.

How the French investigation began

France’s National Financial Prosecutor’s Office, known as the PNF, opened its preliminary inquiry in March 2022 following a French Senate investigation into the expanding use and influence of private consulting firms in public policy. 15

The Senate inquiry had raised concerns about McKinsey France’s corporate-tax record. Reporting at the time said the firm had not paid corporate income tax in France for a decade despite significant activity in the country, including government work. 516

The PNF inquiry concerns suspected aggravated laundering of tax-fraud proceeds and focuses on McKinsey’s tax position in France. 516

The tax and transfer-pricing questions

Investigators are examining whether McKinsey France’s taxable profits may have been reduced through payments or charges involving group entities outside France. In practical terms, the question is whether the firm’s transfer-pricing arrangements appropriately reflected the economic activity and value created in France.

That remains an allegation under investigation, rather than a conclusion reached by a court. Available reporting does not establish that the company improperly shifted profits or that it owes the amount ultimately seized. 15

French authorities searched McKinsey group premises, including its Paris office, in May 2022. Prosecutors later questioned witnesses and suspects in 2025 and 2026, while pursuing cross-border investigative assistance that resulted in the Brussels seizure. 117

Why the case became politically significant

The tax inquiry emerged from a broader debate over the Macron government’s reliance on outside consultancies. The Senate’s work examined the influence of consulting firms on public policy, bringing McKinsey’s French tax arrangements into sharper public and prosecutorial focus. 16

That political context does not resolve the tax case. The current proceeding is centered on alleged tax-fraud laundering, while separate public scrutiny has focused on the scale and role of consulting work for the French state.

Where the case stands

The €65.2 million seizure is one of the most concrete financial steps taken in the four-year inquiry, but the investigation is ongoing. McKinsey has denied wrongdoing, said it complies with applicable French tax rules, and stated that it cooperates with authorities. 175

For now, the key distinction is straightforward: prosecutors have secured funds roughly matching their estimated tax loss, but a seizure is not a conviction or a final determination of liability. 91