Ali denies govt’s role in cancellation of bank accounts

Last Updated on Sunday, 3 August 2025, 21:32 by Writer

Incumbent People’s Progressive Party Civic (PPPC) President Irfaan Ali on Sunday denied that his administration played any role in the decision by commercial banks to cancel the bank accounts of several candidates of the We Invest in Nationhood (WIN) political party because its leader, Azruddin Mohamed, has been sanctioned by the United States (U.S.).

“They’re blaming the government. We have nothing to do with that. We warned you,” the presidential candidate told a large PPPC rally in Linden, a traditional stronghold of the opposition People’s National Congress Reform (PNCR)-led A Partnership for National Unity (APNU).

The President blamed the less than 100 affected persons for their dilemma because they were “hard ears” (stubborn) when they were warned not to be associated with Mr Mohamed who was sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).

The billionaire businessman and his father, Nazar “Shell” Mohamed were in June 2024 cited for allegedly evading the payment of more than US$50 million in taxes on more than 10,000 kilogrammes 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.

After several commercial banks cancelled the accounts of a number of WIN candidates, that party called for a boycott of those banks and their associated business. WIN also accused those commercial banks of taking instructions from Dr Ali’s incumbent PPPC administration.

The President said he would be seeking advice about the risk that Guyana faces, as he was informed that on Monday “more young people will receive letters of closures of their accounts from other banks.”

Rhetorically asking whether the government wanted that to happen, Dr Ali indicated that government wanted to meet with those affected with a view to educating them and involving them in Guyana’s development. “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,” he said.

The Guyana Association of Bankers, while not referring to the closure of bank accounts or WIN’s boycott call, said all licensed commercial banks here operate within a framework of national laws and international standards. The Association said 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 said.

The PPPC presidential candidate announced several plans for Linden, the capital town of Region Ten (Upper Demerara-Upper Berbice). They include rebuilding the drainage system with concrete drains, value-added bauxite production with new investors, upgrade of Linden airstrip, production of canned milk, regularisation of squatting, small business financing, and the rehabilitation of the Mackenzie market.