The International Amateur Boxing Association (AIBA) have started their investigation into accusations that bribes were accepted in return for 2012 Olympic gold medals.

The governing body denied "in the strongest possible terms" allegations made by the BBC's Newsnight programme that large amounts of money were paid out in an attempt to ensure boxers from Azerbaijan received gold medals at the London Games.

The AIBA, like the International Olympic Committee, urged the BBC to work with them and provide evidence but while the broadcaster agreed to assist and intend to hand over material, they have yet to actually do so.

The AIBA met in Lausanne today to begin their investigation and said in a statement: "The AIBA Special Investigation Committee met for the first time today and commenced its investigation into the legitimacy of the recent allegations made by the BBC.

"The committee has started the process of gathering in all documentation and interviewing the parties that are relevant to the investigation.

"The chairman of the committee wrote to the BBC on 30 September 2011 requesting that the BBC provide the committee with all evidence relied upon by the BBC in support of the allegations made in the Newsnight programme.

"The BBC has informed the committee that, although they are willing to assist with the investigation, they will not identify any confidential sources.

"The BBC has yet to provide the committee with any documentation or evidence.

"The committee will not be making additional statements regarding its investigation until the investigation has concluded."

A BBC spokesperson said evidence would be passed on, saying: "We are in contact with the authorities and will be supplying material."

The Newsnight programme reported that they had found payments of millions of dollars from an Azeri national to the AIBA's World Series of Boxing competition.

The money was allegedly in return for guaranteed Azeri gold medals at the London Games but the claims are strongly denied by the AIBA, who insist that the transaction was an above-board loan "which originated from an Azerbaijani private investor".