Economist Dr. George Daniel Warns Alex Saab Guilty Plea could drag Antiguan Banks into U.S. Money Laundering Probe

Economist, retired university lecturer and social commentator Dr. George Daniel is warning that Antigua and Barbuda could face reputational fallout from the guilty plea of Alex Saab, the Colombian businessman and former special economic envoy of Antigua and Barbuda to Venezuela, who has formally plead guilty to charges related to money laundering in a U.S. federal court in Miami.

Speaking on Observer AM with host Sharon Simon on Wednesday, Dr. Daniel said his chief concern is whether financial institutions in Antigua and Barbuda were caught up in Saab's operations, given the businessman's known ties to the local banking sector.

"I'm hoping that the money laundering did not involve Antiguan banks, because he was a principal of a bank in Antigua, the North Bank, as far as I have heard reported, and also a bank in Dominica, a Commonwealth bank," Dr. Daniel said. "In addition, we were told that he had accounts at the troubled bank on the Old Parham Road, Global Bank of Commerce. So, I'm just hoping that those banks were not involved in the money laundering."

Saab was appointed Antigua and Barbuda's special economic envoy to Venezuela by PM Gaston Browne in 2014 and travelled on an Antiguan diplomatic passport — a status Dr. Daniel says effectively made him a citizen of this country and binds the nation's name to his legal troubles.

"He was an economic envoy of Antigua and Barbuda, carrying an Antiguan diplomatic passport. So effectively, he was a citizen of Antigua and Barbuda," he explained.

The economist outlined how Saab ran afoul of Washington, noting that U.S. sanctions were designed to choke off the movement of money in and out of Venezuela — restrictions the envoy's network allegedly helped the Maduro government evade.

"One area that he has run [afoul] of the U.S. government is that the U.S. government placed sanctions on Venezuela, so that funds were not easily moved in and out of Venezuela," Dr. Daniel said. "But apparently, his operation allowed Venezuelan finances to move freely — for the resources for their oil and for them to make purchases on the international market."

Dr. Daniel reminded listeners of Saab's dramatic history with U.S. authorities, recalling that he was detained for roughly a year before being released in a high-profile prisoner exchange, only to land back in American custody after the collapse of the Maduro government.

"He was held by the U.S. for about a year before he was swapped for 10 U.S. citizens with Venezuela — a 10-to-one swap — and then as soon as Maduro fell, he was back in the news again," he said. "The U.S. has him. I assume he's talking, and I hope Antigua's name is not going to be sullied by this investigation."

When host Sharon Simon suggested that a guilty plea typically signals a cooperation deal with prosecutors, Dr. Daniel agreed bluntly: "They have the goods on him."

The economist lamented that the twin-island state has repeatedly found itself named in international financial scandals, warning that the Saab proceedings could add another chapter to that record.

"That has been an unfortunate history," he said, cautioning that if local institutions were part of the scheme, "our names will be called" in the U.S. court proceedings.

For now, Dr. Daniel says the country can do little but watch the Miami case unfold and hope. "[We] can only hope," he said.