Former Guinean Minister Convicted of Laundering Bribes from Chinese Conglomerates

A high-ranking former Guinean government official, Mahmoud Thiam, was found guilty by a federal jury in New York of laundering bribes received from executives of China Sonangol International Ltd. (China Sonangol) and China International Fund, SA (CIF).

Trial and Conviction

The jury delivered its verdict on Thursday, following a week-long trial. Thiam, 50, of New York, was convicted of one count of transacting in criminally derived property and one count of money laundering.

Thiam, a former Minister of Mines and Geology in Guinea, betrayed his country and used U.S. banks and real estate to hide millions in bribes received from Chinese conglomerates. - Acting Assistant Attorney General Kenneth Blanco

Corruption Scheme and Violations

According to the evidence presented during the trial, the funds that were laundered were derived from violations of Guinean bribery laws. China Sonangol, CIF, and their subsidiaries were granted valuable mining rights in Guinea, and Thiam, while serving as Guinea’s Minister of Mines and Geology from 2009 to 2010, allegedly influenced the Guinean government’s decision to enter into these agreements for a strategic share in mining projects.

Money Laundering Scheme (2009-2011)

Thiam was involved in a money laundering scheme from 2009 to 2011. During this period, China Sonangol and CIF paid Thiam $8.5 million into a Hong Kong bank account. Thiam transferred approximately $3.9 million to the United States, using it to purchase luxury goods and cover expenses.

To conceal the bribes, Thiam provided false information to banks in Hong Kong and the United States, claiming to be an employed consultant and that the money was from the sale of land owned before becoming a minister.

Corruption is a global issue that undermines the rule of law, and the Justice Department remains committed to investigating and prosecuting those who facilitate such illicit activity and exploit the U.S. financial system to conceal their crimes. - Acting Assistant Attorney General Kenneth Blanco

Sentencing and Prosecution

Thiam remains in the custody of U.S. Marshals, pending sentencing, scheduled for Aug. 11, 2017. The case is being prosecuted by Trial Attorney Lorinda Laryea of the Criminal Division’s Fraud Section and Assistant U.S. Attorneys Elisha Kobre and Christopher DiMase of the Southern District of New York. The investigation was led by the FBI’s International Corruption Squads in New York City and Los Angeles.

Quotes from Officials

Thiam abused his official position as a Minister in Guinea, selling it for millions in bribes. He proceeded to launder these funds in the United States, investing in luxury real estate and schools for his children. Thanks to the FBI, Thiam’s corrupt scheme has been uncovered and he will be held accountable. - Acting U.S. Attorney Joon Kim

The FBI is determined to combat corruption both domestically and internationally. Thiam’s deceit in misusing his public office for personal gain violated federal law and misrepresented the trust of the Guinean people. I commend our employees for their diligent work on this investigation. - Assistant Director Stephen Richardson

Thiam’s conviction demonstrates that no one is immune to prosecution when involved in corruption, no matter where the crime takes place. The FBI’s International Corruption Squads were established to target such cases and bring those responsible to justice. - Assistant Director in Charge William F. Sweeney Jr.