Standard Bank fires employee named in money laundering saga

Following an investigation exposé into allegations that three of the country’s major banks, including Standard Bank, allegedly helped a gold smuggling gang launder millions of dollars in exchange for bribes in Zimbabwe, Standard Bank confirmed an employee has been dismissed.

International news network Al Jazeera last year exposed how a Standard Bank employee was allegedly central in helping a gold smuggling gang launder “dirty cash” in exchange for regular bribes.

Gold Mafia by Al Jazeera’s Investigative Unit, sought to expose the intricate operations of various criminal organisations involved in the illicit gold trade from Zimbabwe, and illustrated how they exploited the trade in order to launder substantial sums of money.

Last September, Standard Bank said it had suspended an employee, pending the outcome of an investigation into the allegations.

Standard Bank this week confirmed the employee had been dismissed after being found guilty.

“A Standard Bank employee, who was named in an documentary as being party to a gold smuggling and money laundering scheme, has been dismissed.

“Standard Bank has a zero-tolerance stance relating to fraud and criminality of any kind.

Standard Bank has been co-operating and will continue to co-operate with all the relevant authorities that are investigating this matter.

“The allegations made were viewed in a serious light.

“While the staff member initially resigned from the bank, the bank initiated a formal disciplinary process and found the staff member guilty and dismissed him with immediate effect.

“The bank confirmed through the course of the rigorous investigation that no Standard Bank systems, processes or other assets were used in executing the alleged criminality.”

Cape Times