GEORGETOWN, Guyana, CMC—The Bank of Guyana revoked the cambio license held by Mohamed’s family on Thursday after two family members were among three Guyanese nationals sanctioned by the United States for their roles in public corruption in the Caribbean Community (CARICOM) country.
“Members of the Public are at this moment advised of the revocation of the license of Confidential Cambio situated at Lot 29 Lombard Street Werk-en-Rust, Georgetown, in accordance with the Dealers in Foreign Currency (Licensing) Act 1989. As a consequence, the entity is no longer authorized to buy and sell foreign currency,” the revocation notice stated.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) said Tuesday that in addition to imposing sanctions on Nazar Mohamed, his son Azruddin Mohamed, and their company, it had also designated two other entities, Hadi’s World and Team Mohamed’s Racing Team, as owned or controlled by Mohamed’s Enterprise and Azruddin, respectively.
Speaking at a news conference on Thursday, Vice President Bharrat Jagdeo confirmed that the cambio license would be canceled and that the Bank of Guyana had already informed the Mohameds of the situation.
Jagdeo said the Financial Intelligence Unit (FIU) and the Bank of Guyana would be assessing the implications of the United States sanctions on Guyana’s financial sector.
He said following a meeting with the Guyana Gold Board and assurances that the local system was tight, Guyana would “strengthen the system” to avoid gold smuggling and tax evasion.
“That would mean exposures of our banks to the Mohameds and any other matters that may have a direct bearing of a financial nature on our system because we are obligated to do so under the sanctions to safeguard the financial sector of Guyana,” he said.
Jagdeo dismissed suggestions here that the Irfaan Ali government was protecting the Mohameds.
‘We are neither witch-hunting the Mohameds nor are we protecting the Mohameds,” he said, adding that the Mohameds have a right to due process under the law and could also ask the US Department of Treasury’s Office of Foreign Assets Control to be removed from the list.
Jagdeo said Finance Minister Dr Ashni Singh and the Commissioner General of the Guyana Revenue Authority (GRA), Godfrey Statia, have written to the US Secretary of the Treasury and the US Internal Revenue Service, respectively, requesting all information about the Mohameds’ transactions.
He said Statia has specifically asked for all the information to be provided by December 31, 2024, because there is a time frame within which certain charges could be laid.
Meanwhile, Jagdeo said Permanent Secretary Mae Thomas, who was also sanctioned by the United States, has resigned from the ruling People’s Progressive Party (PPP) Central Committee after she was accused of taking gifts and facilitating the award of contracts, passports, and gun permits to the Mohameds.
Jagdeo said that Thomas, a “hard worker in the party,” noted in her resignation letter, “I maintain my innocence, and I’m available for any investigation.”
Thomas has already been sent on leave from her post as Permanent Secretary of the Ministry of Labour.
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