GUATEMALA CITY - Guatemalan President Alvaro Colom on Tuesday announced the extradition of former President Alfonso Portillo to the United States, where he will face money laundering charges.

The US government has accused Portillo of embezzling about $70 million, supposedly laundered through bank accounts in the United States and European countries.

Portillo, 60, who governed Guatemala from 2000 to 2004, insisted he is innocent of all charges.

Colom said at a press conference that he approved and respected the judicial process on Portillo's extradition, and asked the Foreign Ministry to send Portillo's file to Guatemala's Supreme Court of Justice. He said the date of Portillo's extradition will depend on the tribunal.

In August, the Constitutional Court of Guatemala ratified the United States' extradition demand.

According to Guatemalan law, the president has the last say after the tribunal approves the extradition of a Guatemalan national to be judged in other country.

In January 2004, after finishing his term, Portillo went to El Salvador to avoid corruption charges.

In 2005, Portillo moved to Mexico when he lost his immunity from the prosecution. Mexican authorities extradited him in October 2008.

In May, a Guatemalan court absolved Portillo of embezzlement charges, but he remained in prison until the US extradition process finished.

France also has an open and pending process against Portillo for money laundering, as he allegedly transferred funds to this country.