GABI supports banks decision to cut ties with US-sanctioned Azruddin Mohamed’s WIN candidates

…says move aimed at protecting Guyana’s financial system integrity

The Guyana Association of Bankers Inc (GABI) has defended the decision by local financial institutions to sever ties with several We Invest in Nationhood (WIN) party candidates, emphasising that the move is critical to safeguarding the country’s financial system. This follows heightened scrutiny over the presence of Azruddin Mohamed, the party’s primary backer, who was recently sanctioned by the United States (US) Department of the Treasury for alleged financial crimes and gold smuggling. In an official statement issued on Saturday, the association reaffirmed its commitment to maintaining robust compliance systems that protect against illicit financial flows, noting that banks must operate within risk-based frameworks and adhere to international sanctions regimes.

“Banks adhere to strict regulatory obligations, including Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) requirements, as well as global risk management practices. These standards are essential to maintaining financial system integrity, protecting depositors and ensuring continued access to international financial markets. GABI reaffirms its commitment to a strong, inclusive and compliant banking sector that serves the interests of the Guyanese people and economy”. Several banks, including the Guyana Bank for Trade and Industry (GBTI); Citizens Bank and Demerara Bank, have already confirmed the closure of personal accounts linked to WIN candidates, with others expected to follow suit. The move, GABI asserts, is not political—but a matter of financial survival and legal necessity.
“The Guyana Association of Bankers Inc reminds the public that all licensed commercial banks in Guyana operate under national laws and international standards. The association expressed gratitude to the public for their continued confidence in the banking system and reiterated its commitment to professionalism, transparency, and national development”. In 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) had announced that it sanctioned members of one of Guyana’s wealthiest families, Nazar Mohamed and his son, Azruddin Mohamed, several of their companies and a Guyanese Government official, Mae Thomas, for their roles in alleged public corruption in Guyana. According to a statement from OFAC, this is related to the evasion of taxes on gold exports noting that between 2019 and 2023, Mohamed’s Enterprise omitted more than 10 thousand kilograms (kg) of gold from import and export declarations and avoided paying more than $50 million in duty taxes to the Government of Guyana. Subsequently, Nazar Mohamed resigned as a councillor for the People’s Progressive Party Civic (PPP/C) on one of the Neighbourhood Democratic Councils (NDC) while Thomas resigned from her post of Permanent Secretary and also as a member of the party. As the Government awaits feedback from the US on the matter, Mohamed’s Enterprise Cambio licence was suspended while all Government agencies have stopped conducting business with the Mohameds and their related companies.