Alex Saab, a Colombian businessman and former Venezuelan minister, has pleaded guilty to conspiracy for money laundering and illicit financial transactions. He reached an agreement with the prosecution in a federal court. As part of the deal, Saab will surrender approximately $195 million in cash and assets.

He had previously declared innocence but changed his plea. Saab may still face the maximum penalty of 20 years for the charges.

Further details about the case and the agreement are available from the source, including the circumstances surrounding Saab's change of plea and the terms of his agreement with the prosecution.