South Africa to investigate gold mafia uncovered by Al Jazeera

South Africa has launched an investigation into several people involved in a gold smuggling and money laundering scheme exposed by Al Jazeera’s Investigative Unit.

In a speech to the Parliament of South Africa, President Cyril Ramaphosa said this week the investigation was in the “inquiry stage”.

“We are committed to preserving the integrity of our financial system in the interests of the broader economy and ordinary citizens,” Ramaphosa added on Thursday. “Details of the steps that are being taken cannot be divulged at this stage without compromising the investigation.”

The investigation is the direct result of Gold Mafia, a four-part series by Al Jazeera’s Investigative Unit (I-Unit) into gold smuggling and money laundering in southern Africa.

In it, Al Jazeera revealed how a group of money launderers and gold smugglers had effectively taken over several South African banks by bribing key members, allowing the criminals to send large amounts of illegally obtained money overseas without raising the suspicions of the authorities.