New OFAC statement an ‘indictment’ on the Mohameds – GS Jagdeo

A new statement from the US Treasury’s Office of Foreign Assets Control (OFAC) has further cemented what was known to be true about association with US-sanctioned businessmen Azruddin and Nazar Mohamed.

This was the position of General Secretary of the People’s Progressive Party Civic Dr Bharrat Jagdeo as he addressed members of the media at his weekly press conference on Thursday.

The statement, which came in response to queries made by the Mohameds, reaffirmed the position that non-nationals also risk facing sanctions if found to have provided “material support” to the sanctioned individuals.

The general secretary, who is also vice president, said that this is contrary to the popular notion being peddled by the Mohameds on their campaign trail. He contented that all the Mohameds are doing is lying to the public instead of addressing the critical issues raised surrounding the sanctions.

“You remember the lie that they have been telling people outside of the Umana Yana? Azruddin Mohamed said ‘Oh, the sanctions only relate to my companies. They have nothing to do with anything else.’ Well, now, OFAC…says that people could be sanctioned too for dealing with the Mohameds,” he explained.

Dr Jagdeo also dismissed the family’s decision to write to the Caribbean Community (CARICOM) and the United Nations, which urged the organisations to intervene regarding local banks’ decisions to close accounts of persons who are on their political party’s list of candidates.

Criticising the Mohameds’ actions, the general secretary said it’s all a stunt and it exposes the desperation running in their camp.

“It’s all a PR [stunt]…no CARICOM country or the United Nations will tell a local bank how to derisk…because if they lose their banking relationships, they might as well shut down the banks,” he pointed out.

On June 11, 2024, OFAC imposed sanctions on Nazar Mohamed, his son Azruddin, and their company, Mohamed’s Enterprise and Hadi’s World Incorporated.

According to OFAC, between 2019 and 2023, Mohamed’s Enterprise under‑declared more than 10,000 kilograms of gold, evading over US$50 million in duties and taxes.

Following the sanctions, the Bank of Guyana revoked the Mohameds’ cambio and gold trading licences. Since then, Demerara Bank Limited, GBTI, and now Citizens Bank have all shut down accounts linked to individuals associated with the family.

OFAC has warned 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 enforcement action.”