Swiss prosecutors dropped a three-year-long probe into alleged money laundering associate of Venezuelan leader Nicolas Maduro.
Geneva's prosecutor shut a probe into Alex Saab over suspected money laundering via Swiss offshore accounts, a spokesman for the office said in Thursday, confirming a report by investigative portal «Gotham City». Saab, a Colombian businessman close to Nicolas Maduro, is currently fighting extradition to the U.S. to face separate graft charges.
The investigation revealed that Saab is connected to 22 accounts at UBS, according to «Gotham City» (behind paywall, in French). A spokesman for the Swiss wealth manager said it couldn't comment on potential client relationships.
Swiss Money Trail
The U.S. wants Saab to face charges over what prosecutors say was a crooked deal in the Venezuelan government's food subsidies. The Swiss investigation into Saab was sparked by several banks lodging reports with MROS, the government office tasked with evaluating suspicious fund reports.
Nearly half of $350 million allegedly embezzled by Saab passed through Swiss private banks, according to «Gotham City,» which reported it had seen the Genevan classification order closing the case in December.
Inadequate Proof
The now-shuttered Genevan investigation focused on a single vehicle tied to Saab, according to «Gotham City». Prosecutors concluded that evidence from this was insufficient to bring formal charges against Saab and another man.
Geneva's prosecutor weighed information from UBS which showed account movements between accounts at banks in Switzerland only. Thus, «there is, as it stands, no further evidence to further investigate the charge of money laundering and the public prosecutor's office will move to discontinue these criminal proceedings,» the outlet reported.
