Swiss investigators end Alex Saab money laundering probe due to insufficient evidence

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Investigations by Swiss prosecutors into alleged cases of money laundering by Businessman and Venezuelan diplomat, Alex Saab, have ended after insufficient evidence was found to support the claims.

The investigation only proved that there were movements between accounts at Swiss Banks.

Swiss prosecutors have been on the matter for over 3years after banks made reports of suspicious money laundering activities with the Money Laundering Reporting Office of Switzerland.

There were claims that nearly half of some $350million allegedly embezzled by Alex Saab were transferred through private Swiss banks but this could not be substantiated.

The investigation, however, did establish that Alex Saab, who is currently in detention in Cape Verde, was connected to 22 accounts at a Swiss investment bank, UBS.

This development means that Swiss prosecutors will discontinue criminal proceedings against the the associate of Venezuela president, Nicholas Maduro.

It remains to be seen how this will affect Cape Verde’s decision to extradite Alex Saab to the US even though the ECOWAS court has ruled against proceeding with such an action.

The US government wants to put the Colombian national on trial on charges of money laundering involving hundreds of millions of dollars.

These monies are said to have been generated through fraudulent activities, bribery, embezzlement and corrupt schemes by the Venezuelan government led by Nicholas Maduro.

SOURCEthebftonline.com
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