In the wake of a statement from the We Invest in Nationhood (WIN) party, urging supporters to boycott certain businesses, the Georgetown Chamber of Commerce and Industry (GCCI) has strongly condemned the move.
WIN, which is led by US sanctioned businessman Azruddin Mohamed, accused Demerara Bank and the Guyana Bank for Trade and Industry (GBTI) of closing the bank accounts of the party’s candidates for political reasons. However, the banks opted to close these accounts after they were compelled to review their compliance measures in line with international banking regulations, particularly those mandated by Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) laws, which are designed to prevent the use of illicit funds. WIN, in a statement, called on Guyanese to boycott the banks and other businesses.
When the Azruddin, his father Nazar Mohamed and their businessess were sanctioned, all local banks closed their accounts. Accounts belonging to Mae Thomas, the Permanent Secretary in the Ministry of Home Affairs, who was also sanctioned, were also closed.
See below the full statement from the Georgetown Chamber of Commerce and Industry:
The Georgetown Chamber of Commerce and Industry (GCCI) strongly rejects and condemns calls from the ‘We Invest in Nationhood’ (WIN) party for the boycotting of several local businesses, following the closure of bank accounts of members of that party by the private sector businesses in the financial industry.
The Chamber has noted that these actions are consequent to the June 2024 Office of Foreign Assets Control (OFAC) sanctions against the presidential candidate of the WIN party, Mr. Azruddin Mohamed which outline 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 an enforcement action. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated person, or the receipt of any contribution or provision of funds, goods, or services from any such person.”
These financial institutions, in the wake of dire implications of transacting business with sanctioned individuals and those who may benefit from financial contributions from them, are within their right to safeguard their operations from inherent risks associated with conducting business with such individuals. To advocate for the boycotting of these banks and businesses associated with these institutions are dubious and self-serving, and such calls must be strongly rejected by the public. Guyana’s economy and business landscape are at a crucial juncture, and it is important that this trajectory is not impeded or obstructed by penalties as a result of rogue elements instigating reckless, divisive and dangerous actions that are destructive to private sector and national development. Weaponising the economy for political ends threatens livelihoods, undermines investor confidence, and erodes the democratic values we staunchly defend. Businesses are not political battlegrounds – they are vital pillars of our national economy and social stability.
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