Mon | Oct 15, 2018

Brazil suspects Equatorial Guinea money-laundering scheme

Published:Thursday | October 11, 2018 | 12:05 AM

SAO PAULO (AP):

Brazilian officials say $16 million in undeclared cash and luxury watches seized from the delegation of Equatorial Guinea's vice-president may have been part of an effort to launder money embezzled from the African country's government.

Police at an airport in Sao Paulo last month seized the valuables that were packed in the luggage of a delegation accompanying Teodoro Nguema Obiang Mangue.

Brazilian federal police said Wednesday they suspect money laundering. Meanwhile, Equatorial Guinea's embassy in Brazil said in a statement that the investigation "violates the norms of international law that Brazil subscribes" to.

Brazilian law prohibits people from entering the country with more than $2,700 in cash.