Gold Mafia: Legal Watchdog Calls For Forensic Investigation Into RBZ Activities
Veritas Zimbabwe, a legal watchdog, has called for a forensic investigation of the Reserve Bank of Zimbabwe (RBZ) amid allegations the central bank was complicit in gold smuggling and money laundering.
Al Jazeera recently released a four-part documentary series, Gold Mafia, in which some high-profile individuals, including Zimbabwean officials, bragged they were gold smugglers and money launderers and also implicated the RBZ in the illegal activities.
The RBZ issued a statement denying the allegations, saying they were “sensationally wild, false and malicious”.
Despite the denial, the RBZ’s Financial Intelligence Unit (FIU), ordered the freezing of the bank accounts of at least four individuals cited in the documentary series.
In a statement released this week, Veritas pointed out the apparent contradictions in the RBZ’s response. It said:
… the Financial (Intelligence) Unit of the Reserve Bank has frozen the bank accounts of at least four persons portrayed in the series, which suggests there is at least some truth in the allegation.
Veritas said the allegations against the RBZ have tarnished the image of the central bank and “suspicion within financial markets, multi-lateral financial institutions and” Zimbabweans in general. It said:
The persons alleged to be carrying on this illegal trade were shown boasting of their close links to the Reserve Bank of Zimbabwe and to senior government officials, up to and including the President and his wife.
They said they had the Governor of the Reserve Bank “on speed dial” and that senior managers of Fidelity Printers and Refineries, a subsidiary of the Reserve Bank, were on their payroll to facilitate the issue of licences to buy and export gold.
The Reserve Bank is a vital cog in the country’s economy, and it is essential for it to maintain a spotless reputation for competence, fiscal responsibility and probity.
The Al Jazeera series, coming on top of the Bank’s illegal quasi-fiscal activities, have tarnished its reputation and sown suspicion within financial markets, multi-lateral financial institutions and the general Zimbabwean public.
Veritas, has, therefore, called for a forensic investigation “in the interests of transparency and accountability an investigation” to ascertain whether the RBZ and its subsidiary companies are involved in unlawful activities.
It also suggested that President Emmerson Mnangagwa appoint a commission of inquiry to probe the allegations.
Veritas said a thorough investigation should be conducted into the RBZ’s activities “if our country’s reputation is to be upheld.”
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