By Mark DaCosta- In a controversial move, Demerara Bank Limited (DBL) has initiated the closure of bank accounts linked to several members of the We Invest in Nationhood (WIN) political party, led by Azruddin Mohamed. This decision has raised eyebrows among affected individuals, prompting claims of political discrimination and raising questions about banking practices in our country.
The closure of accounts appears to be part of DBL’s compliance with international financial regulations designed to prevent associations with sanctioned individuals. According to CEO Dowlat Parbhu, the bank’s actions are rooted in a risk assessment aimed at adhering to Anti-Money Laundering (AML) legislation and guidelines from the Office of Foreign Assets Control (OFAC) in the United States. Parbhu stated, “Anybody who has a relationship that poses a compliance risk with the bank, we have an obligation under the AML legislation to take action and de-risk,” emphasising the institution’s commitment to regulatory standards.
The decision to close the accounts comes in the wake of sanctions placed on Mohamed in June 2024 for alleged tax evasion amounting to US$50 million related to substantial gold exports, raising immediate concerns about the bank’s associations. Subsequently, the Bank of Guyana withdrew Mohamed’s foreign exchange dealer licence and cut its ties with him entirely. In light of this, several candidates affiliated with WIN received notifications from DBL indicating that their banking services would terminate.
Key figures within the WIN party, including General Secretary Odessa Primus and candidates Natasha Singh-Lewis and Duarte Hetsberger, publicly expressed their dissatisfaction with the bank’s decision at a recent press conference. Singh-Lewis recounted her experience of receiving a letter from DBL announcing the discontinuation of services, which was described as vague and lacking a substantial explanation. The communication specified that she must close her account by July 25, 2025, or it would be automatically closed, with remaining funds issued in a manager’s cheque.
“The bank has a licence and a responsibility to do business with all Guyanese,” Singh-Lewis remarked, reflecting the sentiment of her party members who feel targeted by this action. With over 15 years of banking history with DBL, she envisions seeking legal assistance to challenge the bank’s decision.
Reacting to the situation, Hetsberger underscored potential motives behind the action, alleging a concerted effort to undermine the democratic process. “This is an attempt to undermine a democratic process,” he asserted, drawing connections between the bank’s actions and broader political dynamics in our nation. He noted similarities in experiences among affected WIN candidates, as they received nearly identical letters communicating the bank’s stance.
The WIN party’s leadership highlighted a pattern of harassment and intimidation perceived by its members, with Primus indicating that such treatment has been increasingly directed at individuals associated with their campaign. Allegations emerged of wage losses suffered by individuals for appearing in party-related content, illustrating the potential extent of political suppression faced by party members.
Concerns arose regarding the implications of the bank’s actions on the personal safety and financial security of those affected. Singh-Lewis articulated her fears about managing her funds amidst this uncertainty, asking, “Where do I put my money now?” It paints a broader image of how financial institutions can influence not just individual livelihoods but also political dynamics in our country.
In a more pointed critique, Primus demanded accountability from DBL, urging that the bank’s services remain non-partisan and accessible to all citizens. She threatened that if financial institutions like DBL continue to isolate candidates based on political affiliations, they would face repercussions from the community. “If Demerara Bank or any other bank discontinues business with any of our members, then all of our people will remove their money,” she vowed, expressing deep dissatisfaction with what she termed “a level of bullyism” against her party.
As the controversy continues, members of the WIN party are exploring both individual and collective legal avenues to contest the bank’s decision, showcasing their resilience. They have also signalled their intent to reach out to international observers in a bid to highlight the political ramifications of this financial reaction, which they view as an infringement on democratic rights.
