News Room Guyana Reports : In a significant development, dozens of candidates from Azruddin Mohamed’s political party, We Invest In Nationhood (WIN), have had their bank accounts closed by Citizens Bank, with other banks expected to follow suit. This action follows sanctions imposed by the U.S. government on the Mohamed family.
Demerara Bank was the first to cancel accounts for candidates associated with the WIN party, with GBTI subsequently taking similar action. These closures are part of a broader trend, as other banks within the Guyana Association of Bankers Inc. (GABI) are likely to adopt similar measures. GABI members include major financial institutions such as Scotia Bank, Republic Bank, and the New Building Society.
The association has clarified that all licensed commercial banks in Guyana adhere to strict regulatory obligations, which are essential for maintaining the integrity of the financial system. These obligations include Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements, as well as global risk management practices.
When the Mohameds were sanctioned on June 11, 2024, by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, local banks were compelled to close their accounts, including those of Mae Thomas, the Permanent Secretary in the Ministry of Home Affairs, who was also sanctioned. The sanctions targeted Nazar Mohamed, Azruddin Mohamed, and their businesses for alleged involvement in gold smuggling and corruption.
As a result of these sanctions, the Mohameds’ business licenses were revoked, and their financial transactions came under strict scrutiny. Banks are now exercising heightened caution, avoiding any dealings with individuals linked to the sanctioned parties to protect their operations and correspondent banking relationships.
Azruddin Mohamed has accused the government of political persecution; however, the actions taken against his party’s candidates are primarily driven by banks’ need to safeguard their institutional interests and comply with international banking regulations.
When an individual is sanctioned by OFAC, local banks must immediately block any assets or property belonging to the sanctioned individual and prevent any transactions involving that person. This includes freezing accounts and terminating all dealings with the sanctioned entity, thus placing significant pressure on the WIN party and its candidates.
“My son was returning from the Shop”- Grieving Mother of Sahil Naipaul
