Jun.29, 2010, Source: Associated Press

BUENOS AIRES, Argentina (AP) — A Colombian man arrested in Argentina has agreed to be extradited to the United States on drug-trafficking and money-laundering charges.

Luis Caicedo Velandia is accused in New York and Florida of importing cocaine and laundering more than $176 million in profits.

Argentine police and U.S. drug-enforcement agents arrested Caicedo in April on a Buenos Aires sidewalk, blocks away from the U.S. Embassy. He carried a false Guatemalan passport and insisted he was a simple businessman caught up in a case of mistaken identity.

The court announced Tuesday that Caicedo has since acknowledged his true identity and agreed to extradition.