Guyana Banks Cut Ties with US-Sanctioned WIN Party Candidates
GBTI joins other Guyanese banks in terminating relationships with WIN party candidates following US sanctions on party leader Azruddin Mohamed, highlighting growing international compliance pressures on local financial institutions.
GBTI headquarters in Georgetown, Guyana, where decisions on account closures were made
In a significant development for Guyana's financial sector, the Guyana Bank for Trade and Industry (GBTI) has begun terminating banking relationships with candidates affiliated with the We Invest in Nationhood (WIN) political party, following similar actions by other financial institutions facing regulatory compliance challenges.
Banking Sector's Risk Management Response
The move aligns with GBTI's standard risk assessment procedures and follows Demerara Bank's recent closure of personal accounts belonging to WIN candidates. This systematic response by Guyana's banking sector demonstrates heightened scrutiny of politically exposed persons, similar to regulatory compliance measures seen in other markets.
Impact on WIN Party Members
Notable WIN candidates affected include Natasha Singh-Lewis and Duarte Hetsberger, who received formal notifications citing internal banking policies as the basis for account closures. Odessa Primus, a WIN party executive member, suggests these actions stem from U.S. sanctions against the party's presidential candidate.
Background on US Sanctions
The banking sector's response follows U.S. Treasury Department sanctions imposed in June 2024 on Azruddin Mohamed, his father Nazar Mohamed, and their business entities. The sanctions, implemented by the Office of Foreign Assets Control (OFAC), target alleged tax evasion and public corruption.
Between 2019 and 2023, Mohamed's Enterprise omitted more than 10 thousand kilogrammes of gold from import-and-export declarations, and avoided paying more than US$50 million in duty taxes to the Government of Guyana.
Broader Economic Implications
This situation highlights the increasing interconnectedness of Guyana's financial system with international regulatory frameworks, potentially affecting local investment and development initiatives across various sectors.
Adrian Singh
Business reporter focused on economic freedom, foreign investment, and institutional transparency.