Bank of Guyana, WIN Leader Clash Over Claims in Sanctions Fallout

The Bank of Guyana (BoG) has pushed back against claims made by Azruddin Mohamed, leader of the We Invest in Nationhood (WIN) party, regarding a conversation with Governor Dr. Gobind Ganga over the controversial closure of bank accounts linked to WIN members.

In a statement released Saturday night, the central bank flatly denied Mohamed’s version of events, stating:

“Mr. Mohamed has misrepresented the facts on social media. The Governor advised Mr. Mohamed to withdraw his case against the commercial banks and affiliates to seek reevaluation of their money laundering/terrorist financing risks which is the responsibility of the commercial banks.”

Mohamed, whose party is now poised to become the main opposition in Parliament, had told the media that he called Governor Ganga to discuss reopening the accounts and was told, “Let we get the lawyers and write the banks and he doesn’t see a problem.” He argued that with the election concluded, the accounts should be reinstated to allow payments to newly elected officials.

The controversy stems from decisions by several local banks to close accounts associated with WIN amid U.S. Treasury sanctions imposed via the Office of Foreign Assets Control (OFAC) against Mohamed. Institutions such as Citizens Bank, Demerara Bank, and GBTI had reportedly acted out of caution, fearing reputational and compliance risks.

WIN members, including public servants and party candidates, have since filed lawsuits against the banks, alleging discriminatory treatment and financial hardship. Attorney Darren Wade is representing clients such as Dexter George, Ramona Woolford, Petal Munroe, and others who are seeking damages exceeding $100,000, along with declarations that the actions taken by the banks were unlawful.

One of the litigants, Alexia Henry, reportedly received a 30-day notice from her bank to collect a manager’s cheque for the balance in her accounts—without any explanation.

The United States-based Carter Center, which observed the September 1st general elections, weighed in before the vote, cautioning against the blanket application of sanctions.

“While the Center recognises the banking sector’s caution, the relevant Financial Action Task Force (FATF) and OFAC standards recommend a risk-based approach and discourage overcompliance,” the Carter Center noted.

The Center  warned that the closure of accounts based on mere political association, without proof of financial wrongdoing, could erode democratic participation.

Mohamed, meanwhile, continues to express concern for affected WIN members, including teachers and nurses.

“Persons that got $2,000 in their accounts, persons that got $10,000… How will they provide for their families? They can’t cash their cheques,” he said, adding that some officials are now unable to receive their salaries.

Despite the BoG’s clarification, the dispute reflects a deeper tension between political actors and financial institutions navigating the implications of international sanctions—an issue with potential constitutional and democratic implications as Guyana’s new Parliament prepares to convene.

WIN has secured 16 parliamentary seats, the most for the opposition, positioning itself as the primary counterbalance to the ruling party. Azruddin Mohamed is widely expected to be elected Leader of the Opposition.

The interference of the People’s Progressive Party (PPP) is evident, particularly in light of the well-documented fallout between Mohamed and his father, Nasar Mohamed, and senior PPP figures, including Vice President Bharrat Jagdeo and President Irfaan Ali. This political backdrop raises further questions about whether the closure of WIN-linked accounts was strictly a compliance matter—or politically motivated.