Alex Saab pleads guilty to money laundering in US court

Former Venezuelan official Alex Saab has pleaded guilty in a US court to laundering proceeds from a bribery and fraud scheme tied to Venezuela's food program.

• Saab pleaded guilty Tuesday before US District Judge Kathleen Williams in Miami to one count of conspiracy to launder monetary instruments, carrying a maximum 20-year sentence.
• He admitted organizing bribes to Venezuelan officials so companies he secretly controlled could win contracts to import food and medicine under the CLAP welfare program.
• The plea deal requires Saab to forfeit $195m in criminal proceeds and cooperate with continuing federal investigations.
• US Attorney Jason Reding Quinones said the case shows that political connections and proximity to a corrupt regime will not put anyone beyond the reach of American justice.