President Ali denies govt. involvement in closure of WIN candidates’ bank accounts

Aug 05, 2025 News

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…was told more accounts to closed by other banks

Kaieteur News – President Irfaan Ali on Sunday denied that the Peoples Progressive Party/Civic (PPP/C) government was involved in the closure of several bank accounts belonging to candidates of the We Invest in Nationhood (WIN) party.

However, the head-of-state speaking at his party’s rally in Linden, Region 10 said that he was told other accounts belonging to young people of the party lead by sanctioned businessman Azruddin Mohamed will soon be closed.

“They are blaming the government; we have nothing to do with that. We warned you and on Monday as President I have to know what is happening… I have to know what are the risks in our society and I have been told on Monday that more young people will receive letters of closure of their accounts from other banks,” the president said.

Last year, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Azruddin Mohamed and his father Nazar Mohamed over allegations of defrauding the government of US$50 million in taxes from smuggled gold, as well as bribing public officials.

It was reported that persons who continue to do business with the sanctioned businessmen can face consequences.

“Today less than a hundred of young people who did not hear, they hard-ears, they did not listen, they ended up on the list and we know and we said to you that is not Guyana problem, the global community said to you if by association you go this way there will be penalties,” the President said at the rally.

Following the revelation that several of WIN’s party members’ bank accounts were closed, the part accused the government of being involved.

At a press conference last month over the closure of accounts by Demerara Bank Limited, WIN’s campaign manager Odessa Primus suggested that it could be “petty politics” initiated by the government.

On August 1, WIN called for citizens to boycott two commercial banks—Demerara Bank and the Guyana Bank for Trade and Industry (GBTI)—for taking the appalling step of cancelling the accounts of WIN candidates.

The party said that the banks and their associated businesses are being used by the government to destabilise and demoralize the two-month-old party.

“This is not an accident. It is a clear, calculated, and cowardly attack against a legitimate political movement contesting elections in its own homeland. It is a politically orchestrated effort to destabilize and demoralize WIN and its supporters,” WIN argued.

Stating that the banks’ actions represent an assault on the Constitution of Guyana, WIN said they have become nothing more than “corporate footstools of the PPPC regime, dancing to the tune of a government that fears accountability and trembles at the rise of a new political force rooted in justice, equity, and nationhood.”

Both the Private Sector Commission (PSC) and the Georgetown Chamber of Commerce and Industry (GCCI) rejected and condemned the recent call by WIN to boycott several banks and associated businesses.

The GCCI sought to remind that “Financial institutions and other persons that engage in certain transactions or activities with the sanctioned entities and individuals may expose themselves to sanctions or be subject to an enforcement action. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated person, or the receipt of any contribution or provision of funds, goods, or services from any such person.”

According to the Chamber, these financial institutions, in the wake of dire implications of transacting business with sanctioned individuals and those who may benefit from financial contributions from them, are within their right to safeguard their operations from inherent risks associated with conducting business with such individuals.

Meanwhile, the Guyana Association of Bankers Inc. (GABI) in a statement on Saturday reminded that all licensed commercial banks in Guyana operate within a framework of national laws and international standards.

“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 explained.

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• Azruddin Mohamed, Irfaan Ali, People's Progressive Party, President Ali, We Invest in Nationhood

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