Gold Mafia: RBZ Faces Sanctions
27 March 2023
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The Reserve Bank of Zimbabwe is facing sanctions following allegations that it is being used for money laundering and illicit gold dealings.

The bank’s governor, John Mangudya, has denied the allegations which are in the first of a four-part Al-Jazeera documentary.

It details how a criminal syndicate allegedly linked to President Emmerson Mnangagwa is laundering money and smuggling gold from Zimbabwe to Dubai.

Undercover journalists posing as criminals have also exposed Mnangagwa’s ambassador-at-large, Ubert Angel, who was offering to use his diplomatic status to launder millions of US dollars through a gold-smuggling scheme.

SABC News’ Zimbabwe Correspondent Ephert Musekiwa says, “The Reserve Bank Governor actually came out in the open and denied the allegations made by Al-Jazeera before the documentary was even aired. Remember that Fidelity falls under the bank so it’s the Governor who has to respond. They went even further to actually say that Zimbabwean gold was not sanctioned, so there was no reason why they would resort to smuggling in order to sell the gold. So, he has denied all the allegations of being the bank behind the money laundering.”