‘Restore accounts of our candidates’ – WIN tells banks after OFAC’s clarification

Aug 18, 2025 News

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…says actions of banks unjustified, politically-motivated

Kaieteur News – We Invest in Nationhood (WIN) is calling for the immediate reinstatement of its candidates’ accounts that were closed by local commercial banks, arguing that the clarification by the United States Department of Treasury’s Office of Foreign Assets Control (OFAC) has proven that such actions were unjustified.

Following the publication of WIN’s List of Candidates, three local banks and other financial institutions stopped providing services to several candidates, citing their membership in a party led by Guyanese businessman Azruddin Mohamed, who was sanctioned in June 2025 by OFAC.

In response to a query, OFAC disclosed that U.S. financial institutions would not be in violation of sanctions for maintaining accounts of non-sanctioned persons or engaging in transactions with those associated with sanctioned individuals. It was explained that the prohibition applies only if the sanctioned person has an interest in the account or transaction.

In a statement on Sunday, WIN condemned the closure of its candidates’ accounts and argued that OFAC’s clarification proves the banks’ actions to be both unjustified and politically motivated.

“Despite this clear distinction, local banks have moved to close accounts belonging to multiple WIN candidates, a move that has no basis in OFAC regulations. This overreach not only undermines the financial rights of ordinary citizens who chose to serve their country under the WIN banner, but also raises troubling questions about political interference in Guyana’s banking sector,” the party said.

Moreover, WIN said it finds the action of the banks to be a political act of victimization designed to intimidate candidates and undermine the party’s ability to compete fairly during the election. It was noted, “Such activities compromise public confidence in Guyana’s financial system as well as the democratic process.”

Moreover, WIN called on the Chief Executive Officers (CEOs) and Board of Directors of the local financial institutions to immediately restore access to the affected candidates, and “behave in accordance with international standards of fairness and non-discrimination.”

Additionally, WIN urged the Bank of Guyana (BoG), the Private Sector Commission (PSC), and other stakeholders to carefully observe these developments. The party noted, “Guyanese citizens deserve an even playing field where they can see their democratically elected representatives not selectively targeted by the misuse of financial power. WIN will continue to fight for transparency, fairness, and equal opportunity for every Guyanese citizen.”

On August 16, Kaieteur reported that according to an email inquiry dated August 12, OFAC’s Compliance Hotline explained, “The implications of transacting with a political party led by an individual sanctioned by OFAC, or with members of such a political party, would depend on whether the sanctioned individual is involved in the transaction. For example, U.S. financial institutions would not violate sanctions for maintaining the account of or processing a transaction involving a non-sanctioned organization or non-sanctioned members of that organization solely because another member of that organization is sanctioned. However, U.S. financial institutions would be prohibited from engaging in such transactions if the sanctioned individual has an interest in the accounts or transactions.”

However, the email also states, “Unless exempt or otherwise authorized by a general or specific license from OFAC, transactions with sanctioned persons by U.S. persons are generally prohibited, and non-U.S. persons could also face sanctions risk for certain activities involving sanctioned persons, such as providing material support to them.”

Further, OFAC said it will not direct an entity to conduct activity that undermines its policies and procedures.

Moreover, On August 6, speaking with reporters on the sideline of an event, U.S. Ambassador to Guyana, Nicole Theriot stressed there is “absolutely no association” between the OFAC sanctions and the decisions made by local financial institutions. The ambassador explained that OFAC sanctions are targeted specifically at the U.S. and apply “solely” to what happens there. Ambassador Theriot also noted that local banks did not engage with the U.S. Embassy before making their decisions. “The decision by the banks was entirely independent. We were not consulted; we were not asked. We have no opinion on the matter. Banks here make their own decisions,” she said.

Notably, she added that she was unsure whether there had been any correspondence between the local banks and their U.S. banking partners.

In June 2024, Azruddin, his father Nazar “Shell” Mohamed, their businesses and former Permanent Secretary of the Ministry of Labour, Mae Thomas were all sanctioned by OFAC.

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• Azruddin Mohamed, bank, OFAC, sanctions, We Invest in Nationhood

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