GBTI cuts ties with US-sanctioned Azruddin Mohamed’s WIN candidates

The Guyana Bank for Trade and Industry (GBTI) has closed the accounts of several candidates affiliated with the political party We Invest in Nationhood (WIN), which is led by United States (US)-sanctioned Azruddin Mohamed, an action driven by elevated risk concerns and compliance with policies set out by the US Treasury Department’s Office of Foreign Assets Control (OFAC) regarding dealings with sanctioned individuals. While GBTI has not disclosed any specifics on the closed accounts, a source close to the bank confirmed that several accounts were shut down following a review of the clients’ risk profiles.

“From time to time the bank will review the risk profile of its customers when it does not fit into our risk appetite, which is driven by local legislation as well as international best practice, we would exit such a relationship,” the source stated.
GBTI’s decision now mirrors similar action previously taken by Demerara Bank.
Among the candidates who have publicly said that their accounts were closed are Duarte Hetsberger and Natasha Singh-Lewis, who is a former A Partnership for National Unity (APNU) member of parliament, while Hetsberger is a former personal assistant of former Chief Elections Officer Keith Lowenfield.
Banks have been compelled to review their compliance measures in line with international banking regulations, particularly those mandated by Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws, which are designed to prevent the use of illicit funds. In fact, when asked recently for comment regarding the bank’s recent decision Demerara Bank’s Chief Executive Officer (CEO), Dowlat Parbhu revealed in an interview with Demerara Waves that the decision was made to ensure the bank complies with international financial sector rules governing relations with sanctioned individuals. He was quoted saying, “I don’t think it should be unclear. If they had read all the provisions of international compliance legislation and protocol dealing with an individual that was sanctioned by OFAC (Office of Foreign Assets Control), then they should be very clear. If those who are interested go and read it, they will find the reason why Demerara Bank had to take such a decision.”

Banks justified
Last week, during his weekly press conference General Secretary of the People’s Progressive Party Civic (PPP/C) and the country’s Vice President (VP) Bharrat Jagdeo had rubbished claims by candidates of the WIN political party, founded by US-sanctioned businessman Azruddin Mohamed, that the Government is influencing commercial banks to close their accounts.
“They’re quick to say everything is ‘PPP discrimination – this bank is closed to the Peoples Progressive Party; that is why the accounts were closed’.” Jagdeo said during his party’s weekly press conference on Thursday.
While the candidates have alleged discrimination by Demerara bank, Jagdeo explained that all banks will be forced to de-risk their services to protect relations with US banking facilities. “The banks in Guyana, if they lose two things: access to the SWIFT that allows them to transfer money – it’s a code used by all banks around the world – when you transfer money abroad, you have to access that system,” he explained.
“If you lose correspondent banking relations with the US or you lose access to the SWIFT, you might as well shut down the bank; you can’t function, you can’t send a wire transfer abroad,” he further outlined. In 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Nazar Mohamed, his son Azruddin Mohamed, several of their companies, and a Guyanese Government official, Mae Thomas, for their alleged involvement in 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 US$50 million in duty taxes to the Government of Guyana.

Maduro puppet
Recently, US Congressman Carlos Gimenez expressed that “in the US Congress we are alarmed by the regime in Venezuela’s attempt to undermine Guyana through its pro-Maduro puppet candidate Azruddin Mohamed, who is sanctioned by OFAC.”
Additionally, US Congresswoman María Elvira Salazar recently cautioned that “individuals sanctioned for illicit activities must not be allowed to jeopardise” the important Guyana-US relations.
Local tax evasion
Mohamed is currently before the local court charged with allegedly fraudulently under-declaring the value of a Lamborghini Aventador, which is currently at the centre of the dispute between him and the Guyana Revenue Authority (GRA).
The US Department of Justice (DOJ), under the Mutual Legal Assistance Treaty (MLAT), provided an original invoice for the Lamborghini Aventador, which was billed to Azruddin Mohamed himself, to the tune of US$695,000.
However, in his previous declarations to the court, Mohamed claimed to have spent US$76,000 on the luxury car. A difference of some US$619,000.
In April, GRA officials, backed by police, attempted to seize several luxury vehicles – including a Lamborghini Roadster, Ferrari, Rolls Royce, and Land Cruisers – from the Mohamed’s residence in Houston, Greater Georgetown. The operation was aborted after a hostile crowd, reportedly paid by Mohamed, blocked access to the premises. GRA has said that the vehicles were imported under the remigrant scheme but failed to meet key requirements, including residency status and proper declaration of value. The total tax liability in the matter is estimated at nearly $900 million. Among the outstanding amounts are: $479.7 million for a 2020 Ferrari registered to Hana Mohamed; $371.7 million for the Lamborghini tied to Azruddin Mohamed; $320 million for a 2023 Rolls Royce registered to Bibi Mohamed; and additional millions linked to a Range Rover and Toyota Land Cruisers under various family names.