The Guyana Association of Bankers Inc. (GABI) has reminded the public that all licensed commercial banks in Guyana operate within a framework of national laws and international standards.
The association issued this comment following calls by Azruddin Mohamed, Leader of the We Invest in Nationhood party, for a boycott of banks and businesses.
Mohamed issued the boycott call yesterday after Demerara Bank, the Guyana Bank for Trade and Industry, and Citizens Bank closed accounts of candidates of the WIN party.
Azruddin Mohamed and his family’s business empire—including Mohamed’s Enterprise, Hadi’s World, and Team Mohamed’s Racing—are under sanctions by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as of June 11, 2024. The U.S. has sanctioned Azruddin and his father, Nazar, for gold smuggling, tax evasion, and corruption.
Following the announcement of these sanctions, the Bank of Guyana confirmed that domestic financial institutions had closed all known accounts associated with the Mohamed family, citing regulatory compliance concerns.
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,” the association said.
GABI said 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 its dedication to professionalism, transparency, and national development.
