Association with sanctioned Mohamed came with risks
Dear Editor,
Reference is made to the article titled “Demerara Bank closes accounts of several persons associated with ‘sanctioned individual’.”
The report notes that the bank accounts of multiple persons linked to the We Invest In Nationhood (WIN) party were terminated. According to Demerara Bank Limited’s Chief Executive Officer, this decision was taken in compliance with international standards and in adherence to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) legislation.
Several months ago, I weighed in on the reality of associating with an OFAC-sanctioned Presidential Candidate. I pointed out that, yes, while the Constitution wouldn’t bar a candidacy of this nature, it would still carry far-reaching implications. The direct backlash from the Mohameds comprised a slew of evasive tantrums, painting US Treasury Department sanctions as “mere administrative tools” – and suggesting otherwise would be tantamount to fearmongering. Since then, the contortions only worsened – with some even drawing the false equivalence of President Ali’s 19 fraud charges to these sanctions. Before I even venture into the nature of those charges – which curiously only surfaced after he became the PPP’s Presidential frontrunner – it’s important to note that domestic court charges have little to no international bearing on a candidacy, let alone be compared to US Government Treasury Sanctions. I even saw one peculiar attempt to compare these sanctions to India’s Modi being previously denied a visa.
Mohamed and his father were sanctioned under the Global Magnitsky Act, one of the most powerful and far-reaching anti-corruption tools in the world. Just under 800 persons worldwide have been sanctioned under this act.
And yes, they don’t just apply to business deals alone. OFAC’s press release stated, “In addition, financial institutions and other persons that engage in certain transactions or activities with the sanctioned entities and individuals may expose themselves to sanctions or be subject to an enforcement action.” Once again, the concerted effort to downplay the severity of these sanctions is the financial equivalent of downplaying skin-to-skin contact with a leper.
That’s why the banks closed their accounts with the Mohameds within 24 hours of the sanctions being issued, and this recent development is no exception. As Mother always told me, “When yuh don’t hear, yuh does feel.”
