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Business Crimes Hotline
NEW YORK
Former Guinean Minister of Mines Convicted of Money Laundering and Bribery
On May 3, 2017, after approximately five hours of deliberation, a jury in New York convicted the former Minister of Mines and Geology of the Republic of Guinea, Mahmoud Thiam, on one count of transacting in criminally derived property and one count of money laundering in the amount of $8.5 million. The charges alleged that he received bribes from executives of China Sonagol International Ltd. (China Sonagol) and China International Fund, SA (CIF) in violation of Guinean bribery laws, and that he subsequently laundered the money into the United States.
A Guinean-born United States citizen, Thiam arrived in the United States at the age of seven after his father, a banker, was tortured and killed by Guinea's dictator. After spending 14 years as an investment banker in New York, Thiam returned to Guinea to serve as the Minister of Mines from 2009 to 2010. The Department of Justice (DOJ) alleged that during his time as minister, Thiam accepted payments from China Sonagol and CIF in exchange for using his influence to secure valuable mining rights in Guinea for the two conglomerates.
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