News Room Reports : A second local bank has decided to sever ties with candidates affiliated with Azruddin Mohamed’s political party, reflecting a growing reluctance among financial institutions to risk their operations by continuing to engage with individuals connected to Mohamed, who has been sanctioned by the United States.
This decision follows reports from Azruddin’s party indicating that Demerara Bank is in the process of closing accounts for at least five of its candidates. Additional candidates are expected to receive notifications from another bank regarding account closures and the discontinuation of services.
Among those affected are candidates Natasha Singh-Lewis and Duarte Hetsberger, whose accounts are being shut down by Demerara Bank.
Azruddin Mohamed, a notable businessman turned political figure, was sanctioned by the Office of Foreign Assets Control (OFAC) due to allegations of bribery and corruption.
Legal experts assert that while local banks are not directly subject to OFAC’s jurisdiction, they often comply with its regulations to maintain correspondent banking relationships with U.S. financial institutions. The OFAC announced sanctions against the Mohamed family on June 11, 2024, specifically targeting Nazar Mohamed, Azruddin Mohamed, and their associated businesses—Mohamed’s Enterprise, Hadi’s World, and Team Mohamed’s Racing—due to involvement in gold smuggling and corruption.
As a result of these sanctions, the Mohameds lost their business licenses and had their bank accounts closed. Local banks are required to block any assets belonging to sanctioned individuals and must refrain from conducting transactions involving them, which includes freezing accounts and halting transfers.
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