This is a rush transcript from "On the Record," June 8, 2010. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: Joran van der Sloot is said to have said "I did it." According to police in Peru, Van der Sloot confessed to murdering 21-year- old Stephany Flores. Joining us is Dan Collyns. Dan, what is the latest in Peru?

DAN COLLYNS, GRN CORRESPONDENT: Well, dozens of journalists national and international were outside the hotel where Van der Sloot was staying and where the body of Stephany Flores was found three days after her death.

They are expecting Joran van der Sloot himself to be brought there with the police as part of a reenactment of his crime. Police postponed because there were too many media. This comes a day after his late night confession to the murder of Stephany Flores.

And although the police just confirmed he confessed some of the transcript has been leaked in the local press here. According to that transcript, he allegedly broke down as he confessed how he returned from buying two coffees just after 8:00 in the morning, and to find Stephany Flores looking through his personal laptop and looking personal documents he said which regarded the previous allegations against him, and that he was a prime suspect in the disappearance of Natalee Holloway five years before in his native Aruba.

And the report continues to say he flew into a rage. He shouted at her that she invaded his privacy and said she had no right to do so. She was scared she tried escape, and he says he grabbed her by the neck and proceeded to beat her. Ultimately, he asphyxiated her. And that's apparently how she died according to his confession.

VAN SUSTEREN: Has anyone in the hotel heard any shouting or heard the beating or anything?

COLLYNS: Greta, from the outset no one in the hotel said they heard anything. This is a large hotel with small rooms, a cheap hotel, the kind of place where you hire a room by the hour. And that is probably one of the reasons why the body of Stephany Flores was not found for three days.

Soon after the murder Joran van der Sloot was captured on camera leaving alone with his bags. He didn't check out. He asked there was no room service to his room and no one came to clean up the room. And the next day he was in Chile. That was the beginning of a three-day manhunt. He was captured and returned to Peru.

It seems this evidence coming from the hotel at this stage, most of the police investigation is now based on the confession of Joran van der Sloot.

VAN SUSTEREN: What can we expect from here? You have the reenactment, and then what happens to Joran van der Sloot?

COLLYNS: Well, police have until this weekend to press formal charges against him now that he's pleaded guilty and confessed to the murder. When that happens it is likely he will be transferred to a high security prison. He's currently being held in a cell in the headquarters of the police crime investigation unit.

He's going to be likely transferred to a prison called Castro. And from there the police will continue the investigation. After a few weeks, legal experts expect a trial may start. But the legal process, the judicial process in Peru is notoriously slow. Some said they expect the trial to last between 12 to 18 months.

Of course, people are trying to decide, there's a lot of speculation in the media and among the general public about what kind of sentence he should get, and many are saying this is murder in the first degree, a sentence for which could receive 35 years in prison.

But now that he pleaded guilty and confessed to the crime, it may reduce his sentence in Peru. As in many other countries that's the law. Some legal experts said it could be reduced to 15 years. And with good behavior in prison, that could be reduced to something like seven or eight years.

In fact, one legal expert joked that Joran van der Sloot could be released at the age of 30. Bear in mind he's currently 22.

This is an extremely high profile case not just because of Van der Sloot but because of the status of the victim, the daughter of a well-known businessman and racing car driver and twice former presidential candidate. So it is very unlikely I think that Van der Sloot is going to get off leniently.

VAN SUSTEREN: So he has apparently confessed to the police. We've seen the videotapes. You say he's pled guilty. He hasn't officially pled guilty. He simply confessed to the police, is that right? A plea will come later?

COLLYNS: Yes, just to clarify that. A plea will come later in the court case. At this stage he's confessed and they are expecting to press charges for this weekend.

VAN SUSTEREN: OK. Dan, thank you very much.

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