​​About the Swazi Secrets investigation

S“Wazi Secrets” is a cross-border investigation that uncovers Eswatini’s unexplored role as a possible facilitator in southern Africa’s gold smuggling economy – and how the absolute monarchy’s weak anti-money laundering controls allow people close to the royal family to escape Proximity to the king to benefit.

The project is based on a leak of more than 890,000 internal records from the Eswatini Financial Intelligence Unit. These documents were obtained by Distributed Denial of Secrets, a nonprofit organization dedicated to publishing and archiving leaks, and shared with the International Consortium of Investigative Journalists. ICIJ coordinated a team of 38 journalists in 11 countries to investigate the documents.

The leak is the largest of its kind from a financial intelligence unit in an African country. The documents include bank records, police investigation reports, court affidavits and transcripts, and confidential exchanges between government agencies in southern Africa. The records also contain details about banks in African countries and beyond that have facilitated financial transactions for people and companies suspected of criminal activity.

Some records refer to prominent people, including members of the royal family of Eswatini. The investigation underscores the extraordinary role of the king and some key allies in supporting a new bank in a years-long dispute with the regulator, the Central Bank of Eswatini.

Swazi Secrets also highlights a possible connection between Eswatini and the larger gold smuggling economy in southern Africa and beyond. The documents show that millions of dollars flowed from a notorious “cash-in-transit” company in South Africa through a gold refining company in Eswatini and then on to Dubai. This Eswatini company was founded by two business partners, including a son-in-law of the King of Eswatini, Mswati III. Authorities at the EFIU and the Central Bank of Eswatini were concerned that this gold refining company – and another later founded by one of the partners – were exploiting loopholes to evade taxes, illegally transfer money abroad and move illicit funds through the Kingdom .

As the last remaining absolute monarch in Africa, King Mswati III. has veto power over all branches of government and is constitutionally immune from prosecution. The royal family is interested in various aspects of Eswatini’s economy. The king and his large family – including a reported 11 wives and more than 30 children – have a reputation for flaunting their lavish lifestyle, which critics say shows a callous disregard for the suffering of his subjects, most of whom live in impoverished rural areas struggling to find work.

The ICIJ team

Director: Gerard Ryle

Editor-in-Chief: Fergus Shiel

Deputy Editor in Chief: Anny’s Shin

Senior Editors: Whitney Joiner, David Rowell, Dean Starkman

Head of data and research: Delphine Reuter

Reporter: Micah Reddy, Warren Thompson

Data reporter: Jelena Cosic, Karrie Kehoe, Denise Ajiri

Associate Editor and Fact Checker: Richard HP Sia, Kathleen Cahill

Editor: Angie Wu

Head of Digital and Product: Hamish Boland Rudder

Digital editor: Joanna Robin

Digital producer: Carmen Molina Acosta

Social media producer: Daniela Vivas Labrador

Web developer: Antonio Cucho

Chief Technology Officer: Pierre Romera Zhang

Technology team: Caroline Desprat, Soline Ledésert, Miguel Fiandor Gutiérrez, Bruno Thomas, Maxime Vanza Lutonda, Whitney Awanayah, Javier Ladrón de Guevara, Jorge González, Carolina Verónica López Cotán and Clément Doumouro.

Pictures: Sindiso Nyoni (illustration), Yeshiel Panchia (photography)

Trainer: Jelena Cosic

Reporters and editors

• Lionel Faull (amaBhungane) Australia
• Gerard Ryle (ICIJ) Australia
• Hamish Boland-Rudder (ICIJ) Australia
• Delphine Reuter (ICIJ) Belgium
• Zuza Nazaruk (freelancer) Netherlands
• Bruno Thomas (ICIJ) France
• Caroline Desprat (ICIJ) France
• Clément Doumouro (ICIJ) France
• Dean Starkman (ICIJ) France
• Maxime Vanza Lutonda (ICIJ) France
• Pierre Romera Zhang (ICIJ) France
• Soline Ledésert (ICIJ) France
• Louise Margolin (Jeune Afrique/The Africa Report) France
• Olivier Holmey (Jeune Afrique/The Africa Report) France
• Karrie Kehoe (ICIJ) Ireland
• Kabir Ado Yusuf (Premium Times) Nigeria
• Jelena Cosic (ICIJ) Serbia
• Sam Sole (amaBhungane) South Africa
• Tebogo Tshwane (amaBhungane) South Africa
• Micah Reddy (ICIJ) South Africa
• Abby May (Open Secrets) South Africa
• Hennie van Vuuren (Open Secrets) South Africa
• Alexander James (Al Jazeera) United Kingdom
• Nick Mathiason (Finance Uncovered) United Kingdom
• Warren Thompson (Finance Uncovered) United Kingdom
• Annys Shin (ICIJ) USA
• Antonio Cucho (ICIJ) USA
• Carmen Molina Acosta (ICIJ) USA
• David Rowell (ICIJ) USA
• Denise Ajiri (ICIJ) USA
• Fergus Shiel (ICIJ) USA
• Joanna Robin (ICIJ) USA
• Kathleen Cahill (ICIJ) USA
• Richard HP Sia (ICIJ) USA
• Whitney Awanayah (ICIJ) USA
• Whitney Joiner (ICIJ) USA
• Charles Mafa (Makanday) Zambia
• John Mukela (Makanday) Zambia