News Room Reports : In a recent press conference, Vice President Dr. Bharrat Jagdeo addressed the closure of bank accounts belonging to candidates associated with Azruddin Mohamed’s political party, WIN. Jagdeo emphasized that local banks and the private sector must take U.S. sanctions seriously to avoid being cut off from the global financial system.
Jagdeo confirmed that former Permanent Secretary Mae Thomas, who was sanctioned alongside Mohamed, had her accounts closed by both Citizens Bank and Republic Bank. He stated that several candidates from Mohamed’s party have also faced account closures, with more banks expected to follow suit.
“These people take it lightly — but the reality is, our local banks are part of the global financial system. They have to comply with sanctions or they risk losing access to correspondent banking relationships,” Jagdeo warned. He explained that any financial institution handling money for individuals under OFAC sanctions would be flagged for “enhanced scrutiny.”
The Vice President criticized Mohamed’s camp for downplaying the situation, saying that candidates linked to sanctioned individuals are at heightened risk. “No bank is going to risk millions in fines or their shareholders’ future just to keep an account,” he added.
Jagdeo also highlighted the implications for the private sector, referencing concerns raised by the U.S. Ambassador regarding Mohamed’s participation in local elections. He cautioned that U.S. companies, such as those involved in the Vreed-en-Hoop shore base project, could face risks due to entanglements with sanctioned individuals.
Mohamed and Thomas were sanctioned last year for alleged involvement in significant gold smuggling and corruption schemes, accusations that Mohamed has publicly denied. Despite the financial pressures, he continues to pursue his political ambitions.
Jagdeo urged local businesses and banks not to jeopardize their futures for what he described as the reckless ambitions of a sanctioned individual, emphasizing, “Nobody should risk the future of an entire bank — or this country’s reputation — just to please one man who’s under international sanctions.”
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