Wed, Mar 19, 2014

http://online.wsj.com/news/articles/SB10001424052702304747404579447550405332052?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304747404579447550405332052.html

Alfonso Portillo, a former president of Guatemala, faces up to 20 years in prison after he pleaded guilty in a Manhattan federal court to money-laundering charges.

Mr. Portillo was indicted in 2010, when the U.S. government alleged he embezzled "tens of millions of dollars" of public money during his presidency, which lasted from 2000 to 2004.

He was extradited in May 2013 to the U.S. from Guatemala. Mr. Portillo went to Mexico after his term ended amid Guatemalan investigators' allegations of financial misconduct during his presidency. Authorities there extradited Mr. Portillo back to Guatemala in 2008.

On Tuesday, Mr. Portillo pleaded guilty to the sole charge in the federal government's indictment, admitting he received $2.5 million in bribery payments from the government of Taiwan in exchange for continuing to recognize Taiwan diplomatically.

He then conspired with others to launder the money through bank accounts located in the U.S., according to a statement from Preet Bharara, the top federal prosecutor in Manhattan.

Mr. Portillo, 62 years old, pleaded guilty to one count of conspiracy to commit money laundering. He faces a maximum term of 20 years in prison, as well as a fine.