The General Secretary of the People’s Progressive Party (PPP), Dr. Bharrat Jagdeo, recently supported Demerara Bank’s decision to cut ties with individuals connected to U.S.-sanctioned presidential candidate, Azruddin Mohamed. During a press conference at Freedom House in Georgetown, he explained the bank’s actions were vital to avoiding potential collapse and preserving global access.
Dr. Jagdeo emphasized that Guyanese banks risk losing access to SWIFT, the secure messaging system essential for international transactions, if they maintain connections with sanctioned entities. “Without SWIFT access, banks are unable to operate effectively,” he remarked.
His comments followed revelations from WIN party representatives Natasha Singh-Lewis and Duarte Hetsberger that Demerara Bank had recently closed their accounts due to their association with Mohamed, who, along with his father Nazar Mohamed, faced sanctions for gold smuggling and tax evasion.
While the WIN party claims no financial ties to the Mohameds, compliance experts argue that their candidacy raises concerns, subjecting them to greater scrutiny and impacting banking relationships. “No bank will risk their relationship with the U.S. by associating with sanctioned figures,” Dr. Jagdeo stressed.
He anticipates that other financial institutions will take similar steps to safeguard their interests, as seen with previous actions against the Mohamed family and associated businesses, which were closed following U.S. sanctions due to public corruption.
Source: guyanachronicle.com
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