Mahmoud Thiam, Money Laundering, New York 2017

State: New York
Category: Public Corruption
Source: <a href="https://www.justice.gov/usao-sdny/pr/former-minister-mines-republic-guinea-convicted-receiving-and-laundering-85-million" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

A former high-ranking official in the Republic of Guinea has been convicted of money laundering charges in a New York federal court. Mahmoud Thiam, the former Minister of Mines and Geology of the Republic of Guinea, was found guilty of laundering $8.5 million in bribes from a Chinese conglomerate.

The scheme, which took place in 2009 and 2010, involved Thiam using his official position to award exclusive investment rights to the Chinese company in various sectors of the Guinean economy. In exchange, Thiam received millions in bribe payments, which he laundered through a bank account in Hong Kong and into U.S. banks.

Thiam, a U.S. citizen, lied to banks in Manhattan and on tax returns about the source of the funds, claiming he was a private individual rather than a public official. The scheme allowed Thiam to enrich himself with a lavish lifestyle, including the purchase of a $3.75 million estate in Dutchess County, New York.

Thiam, 50, of Manhattan, was convicted of one count of transacting in criminally derived property, which carries a maximum sentence of 10 years in prison, and one count of money laundering, which carries a maximum sentence of 20 years in prison.

The conviction is a significant blow to public corruption in the Republic of Guinea, where Thiam’s actions had a devastating impact on the country’s economy. The case also highlights the global reach of money laundering schemes and the need for international cooperation to combat corruption.

Thiam is scheduled to be sentenced on August 11, 2017, at 10:00 a.m. before U.S. District Judge Denise L. Cote.

The maximum potential sentence for Thiam’s crimes is 30 years in prison.

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