Ex-Mozambique Finance Minister Convicted

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Money Laundering Scheme

U.S. Department of Justice

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Former Finance Minister of Mozambique Convicted of $2B Fraud and Money Laundering Scheme

Summary

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72% Informative

Manuel Chang , 68 , of Mozambique , received $7 million in bribes in exchange for signing guarantees to secure funding for three loans for maritime projects.

As part of the scheme, Chang and his co-conspirators falsely told banks and investors that the loan proceeds would be used for the projects and not to pay bribes to government officials.

He faces a maximum penalty of 20 years in prison on each count.

Criminal Division’s Fraud Section is responsible for investigating and prosecuting Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act ( FEPA ) matters.

MLARS’ Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees.

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formal

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English

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