Guyana President Irfaan Ali has denied any involvement by his administration in the decision by commercial banks to close the accounts of candidates from the We Invest in Nationhood (WIN) political party, whose leader, Azruddin Mohamed, is under U.S. sanctions.
“They’re blaming the government. We have nothing to do with that. We warned you,” the incumbent People’s Progressive Party Civic (PPPC) presidential candidate said during a large rally in Linden on Sunday. The town is traditionally a stronghold of the opposition People’s National Congress Reform (PNCR)-led A Partnership for National Unity (APNU).
Ali placed responsibility on the under-100 individuals affected by the account closures, accusing them of being “hard ears” (stubborn) despite prior warnings about associating with Mohamed, who was sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). In June 2024, Azruddin Mohamed and his father, Nazar “Shell” Mohamed, were cited for allegedly evading over US$50 million in taxes on more than 10,000 kilograms of gold.
“We said to you that is not Guyana’s problem. The global community said to you if, by association, you go this way, there will be penalties,” Ali told the crowd.
WIN has called for a boycott of the commercial banks and their affiliated businesses in response to the closures and has accused the PPPC government of directing the financial institutions to take action.
Ali, however, said he would seek advice on the risks to Guyana’s financial system, revealing he had received information that more young people would begin receiving account closure letters from other banks on Monday. “We have to bring those young people together and we have to talk to them because we don’t want to lose any of our young citizens,” the President added, signaling a willingness to engage with those affected.
The Guyana Association of Bankers (GABI), in a statement that did not directly address the closures or the boycott, said all licensed commercial banks operate within national laws and international standards. GABI emphasized that banks are held to strict anti-money laundering and counter-terrorism financing obligations, along with global risk management practices to protect the financial system’s integrity and ensure continued access to international markets.
During the rally, the PPPC presidential candidate also unveiled a slate of development proposals for Linden. These include rebuilding the town’s drainage infrastructure with concrete drains, attracting new investors for value-added bauxite production, upgrading the Linden airstrip, producing canned milk locally, regularising squatter settlements, providing small business financing, and rehabilitating the Mackenzie market.
