GEORGETOWN, Guyana, CMC – The ruling People’s Progressive Party/ Civic (PPP/C) has denied any involvement in the decision by several commercial banks to cancel the accounts of customers linked to the We Invest in Nationhood (WIN) political party, headed by United States-sanctioned billionaire, Azruddin Mohamed.
President Irfaan Ali, speaking at a rally of the PPP/C at Linden, also warned that “more young people will receive letters of closure of their accounts from other banks”.
Last month, Washington signalled its uneasiness at the possibility that Mohamed could emerge as the new head of state in Guyana following the elections, and the government warned that the country’s financial system could face severe disruptions if Mohamed continues his ambitions for political office.
Mohamed is one of at least four candidates contesting the position of President during the September 1 regional and general elections. The others are the incumbent, Ali, Aubrey Norton of the main coalition, A Partnership for National Unity (APNU), and Nigel Hughes of the Alliance for Change (AFC).
Mohamed had been sanctioned by the US Treasury Department’s Office of Foreign Assets Control (OFAC) in June 2024 for allegedly evading US$50 million in taxes payable to the Guyana government on more than 10,000 kilogrammes of gold exports.
But speaking at a news conference to launch the party’s manifesto last month, Mohamed told reporters, “When we take office on the second of September, the United States of America will work with us.
“Since I was sanctioned, the financial system within the bank is heavily short of foreign currency, but they won’t say this,” he said. Asked to react to the OFAC sanction, he would only say “I don’t know about that” and added that he was one of Guyana’s largest taxpayers.
Last month, the Demerara Bank Limited (DBL) and the Guyana Bank for Trade and Industry (GBTI) confirmed that they had closed the bank accounts of several persons who are associated with Mohamed’s party.
The Guyana Association of Bankers Inc. (GABI) over the last weekend announced that all licensed commercial banks here operate within a framework of national laws and international standards.
The GABI said banks are guided by 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 critical to preserving financial system integrity, protecting depositors, and ensuring continued access to international financial markets, GABI said, adding that it remains committed to supporting a strong, inclusive, and compliant banking sector that serves the best interests of the Guyanese people and economy.
It thanked the public for its “continued confidence in the banking system and reaffirmed our dedication to professionalism, transparency, and national development”.
The statement by the GABI followed a call by WIN accusing the PPP/C of violating fundamental rights and calling for a boycott of banks that have targeted its supporters.
In a statement, WIN said that no matter how divided the country may be by ideology, ethnicity, or class, some things are always held sacred.
It said these include freedom of expression, the right to dissent, the right to associate, and the right to contest elections. It stated that these are the foundations of any democracy, sounding an alarm that these rights are under siege in Guyana.
The Georgetown Chamber of Commerce and Industry (GCCI) and the umbrella Private Sector Commission (PSC) have condemned the call by WIN for Guyanese to stop doing business with DBL and GBTI, as well as their associated companies.
Ali told PPP/C supporters on Sunday that his administration played no role in the decision by commercial banks to cancel the bank accounts of several WIN candidates, saying, “they are blaming the government. We have nothing to do with that. We warned you”.
Ali blamed those affected so far of having “hard ears” after they had been warned not to be associated with Mohamed.
“We said to you that it is not Guyana’s problem. The global community said to you if, by association, you go this way, there will be penalties,” he said, adding that the government wanted to meet with those affected to educate them and involve them in Guyana’s development.
“We have to bring those young people together, and we have to talk to them because we don’t want to lose any of our young citizens,” he said.
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