The Guyana Bank for Trade and Industry (GBTI) has closed the accounts of several candidates of the We Invest in Nationhood (WIN) political party which was created by US-sanctioned businessman Azruddin Mohamed.
It was recently reported that Demerara Bank Limited had closed the accounts of several of WIN’s candidates including Natasha Singh-Lewis and Duarte Hetsberger to ensure the bank complies with regulations of the international financial sector as it relates to sanctioned individuals.
INews understands that GBTI’s decision was taken in light of the same concerns.
“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,” a source told this publication.
In 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it sanctioned Nazar Mohamed and his son, Azruddin Mohamed, as well as several of their companies.
The sanctions are 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.
Former Permanent Secretary at the Ministry of Home Affairs Mae Thomas, who was also sanctioned by OFAC, also had her accounts at Republic Bank and Citizens Bank closed.
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