Mahmoud Thiam, Money Laundering, New York 2010

Former Guinean Minister Charged with Laundering $8.5M in Bribes

NEW YORK – Mahmoud Thiam, the former Minister of Mines and Geology of the Republic of Guinea, has been charged with laundering proceeds from bribes he allegedly received from Chinese companies in exchange for securing valuable mining rights.

Thiam, a 50-year-old U.S. citizen residing in New York City, was arrested and charged with two counts of money laundering in federal court. The complaint alleges that he took part in a scheme to launder approximately $8.5 million in bribes he received from senior representatives of a Chinese conglomerate between 2009 and 2010.

According to the complaint, Thiam used his official position to secure exclusive and highly-valuable investment rights in various sectors of the Guinean economy, including the mining sector, for the Chinese conglomerate. In exchange for the bribes, Thiam allegedly enabled affiliates of the conglomerate to obtain near-total control of Guinea’s valuable mining sector.

Thiam allegedly laundered the bribe proceeds through a bank account in Hong Kong and later transferred millions of dollars into the United States, where he lied to two U.S. banks to conceal his position as a foreign government official and the source of the funds.

The FBI’s International Corruption Squads in New York City and Los Angeles are investigating the case, which is part of a larger effort to address national and international implications of foreign corruption.

Assistant Attorney General Leslie R. Caldwell, U.S. Attorney Preet Bharara, Assistant Director Stephen Richardson of the FBI’s Criminal Investigative Division, and Assistant Director in Charge William F. Sweeney Jr. of the FBI’s New York Field Office made the announcement.

“Former Minister Thiam is accused of enriching himself at the expense of the people of the Republic of Guinea,” said Assistant Attorney General Caldwell. “We cannot allow the United States to be a safe haven for the spoils of official corruption. The department is committed to pursuing both those who pay bribes, and also the corrupt officials who receive them.”

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