Title: Guinea’s Former Minister Mahmoud Thiam Sentenced to Seven Years in Prison for $8.5 Million Financial Fraud

New York Court: Mahmoud Thiam, a Former Guinean Minister of Mines, Sentenced for Money Laundering and Acceptance of Bribes

Mahmoud Thiam, a former Guinean Minister of Mines and Geology, was sentenced to seven years in prison in Manhattan federal court on [Wednesday][1].
U.S. District Judge Denise L. Cote handed down the sentence following Thiam’s conviction for money laundering in a bribery scheme.

Thiam, 50, of Manhattan, was found guilty of [two counts of money laundering][2] by a unanimous jury on May 3, 2017.
The seven-day trial took place after an extensive investigation involving the U.S. Department of Justice, the Federal Bureau of Investigation, and the Office of the Attorney General for the Southern District of New York.

Thiam exploited his powerful position as Guinea’s Minister of Mines to accept bribes totaling $8.5 million from senior representatives of a Chinese conglomerate.
He used his position to facilitate the award of exclusive investment rights to the Chinese conglomerate, securing near total control of Guinea’s significant mining sector in exchange for the bribes.

Receiving the bribes covertly, Thiam opened a bank account in Hong Kong and misrepresented his occupation to the bank to hide his status as a Guinean public official.
After receiving the bribes, Thiam transferred millions of dollars in bribe proceeds to various accounts in the United States, a Malaysian company, and private schools in Manhattan attended by his children.
Thiam lied to Manhattan banks and the Internal Revenue Service about the bribe payments, his status as a foreign public official, and the source of the funds in his Hong Kong account.

Thiam was not only sentenced to seven years in prison but was also sentenced to three years of supervised release and ordered to forfeit $8.5 million.
- This penalty emphasizes the significance of the corruption and the potential harm to the rule of law and fair competition in Guinea.

The Department of Justice praised the Federal Bureau of Investigation and the Department of Justice’s Criminal Division for their outstanding investigative work.
The Office expressed gratitude to the government of Guinea for their assistance in this matter.

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[Former Guinean Minister Mahmoud Thiam Found Guilty of Money Laundering and Bribery][3]
[Guinean Minister Mahmoud Thiam Arrested for Money Laundering and Acceptance of Bribes][4]