Maduro ally pleads guilty to money laundering

Rebecca Falconer

Man in camouflage jacket speaks into a handheld microphone and points, flanked by a suited man and a woman on a stage with a blue backdrop and a cheering crowd. — Then-Venezuelan President Nicolás Maduro and Alex Saab, then president of the country's International Center for Productive Investment, in Caracas in 2024. Photo: Javier Campos/Getty Images

Alex Saab, an ally and former minister of Venezuela's ex-President Nicolás Maduro, pleaded guilty Tuesday to conspiring to launder proceeds from a bribery and fraud scheme in Venezuela and the U.S., prosecutors said.

Why it matters: Federal prosecutors allege that Saab previously oversaw funding for Maduro, and his plea deal could bolster U.S. prosecutors' separate case against the former Venezuelan leader, who is awaiting trial in New York.

Driving the news: The 55-year-old Colombian-born businessman agreed to forfeit $195 million as he pleaded guilty in federal court in Miami to conspiracy to launder monetary instruments.

"Saab admitted to organizing a system of bribes and other illegal payments to public officials so entities secretly controlled by the conspirators could be awarded lucrative contracts from the Venezuelan government to import food and medicine," per a Justice Department statement.
"The conspirators neglected to deliver in full on the contracts, and instead used fake companies, false invoices, false shipping records, and other fraudulent documents to skim hundreds of millions of dollars for themselves and their associates, as well to conceal their association with the illegal activity and avoid detection," according to the statement.
"Saab further admitted that he used shell companies outside of Venezuela to launder proceeds of the conspiracy around the world, including to the U.S."

Context: Maduro is awaiting trial on federal charges, including cocaine importation conspiracy and possession of machine guns and destructive devices. He has pleaded not guilty.

What's next: Saab faces a maximum penalty of 20 years in prison. A sentencing date yet to be set.

Flashback: U.S. releases Maduro ally in exchange for 10 American prisoners in Venezuela

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Maduro ally pleads guilty to money laundering

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