Tag: SANCTION

Sanctions on Chinese companies pale in comparison to those on Mohameds

Posted on by Kayleigh Carter

Vice President, Dr. Bharrat Jagdeo, has outlined that US sanctions against Azruddin Mohamed and his father Nazar “Shell” Mohamed and Chinese companies the government conducts business with are unrelated.
Speaking on the latest edition of the Starting Point podcast, Dr. Jagdeo explained the risks for Guyana if Office of Foreign Assets Control (OFAC)-sanctioned presidential candidate Azruddin Mohamed is elected.
He noted that the country could face sanctions and be in trouble with the United States of America.
“His sanctions, they are serious sanctions. Couple days ago they sought to say that some Chinese companies are sanctioned…those are different sorts of sanctions,” he said.
Dr. Jagdeo went on to explain the difference between the unrelated sanctions and what they mean for investment.
“US individuals and companies can’t invest securities in these companies, but they are functioning worldwide, including in many countries in Europe and developed countries of the world. His sanctions came under those reserved for people with drug trafficking, money laundering, gold smuggling, corruption, etcetera. With a serious set of consequences,” he stressed.
He further explained that, on the other hand, the sanctions against Mohamed prohibit people and companies from being involved with him, in addition to financial institutions and others.
Dr. Jagdeo pointed out that this is evident, as several people associated with Mohamed have since lost their United States visas and bank accounts.

Local banks guarding against the sanctioned Mohameds

Posted on by Aliyah Persaud

Attorney General Anil Nandlall has reiterated the serious implications that will flow from association with the Mohamed family, who have been sanctioned by the United States Office of Foreign Assets Control (OFAC) in relation to money laundering.
Speaking on his talk show Issues in the News on Tuesday, Nandlall weighed in on several persons close to presidential candidate Azruddin Mohamed losing their local bank accounts. He said that the banks would have determined a threat to the financial system and moved to ensure its protection. Demerara Bank and, most recently, the Guyana Bank of Trade and Industry (GBTI) have closed accounts belonging to candidates of the We Invest in Nationhood (WIN) party.
“Once one commercial bank moves in this direction it means that they have determined a threat in the financial system; and the financial system is interconnected. And once there is a threat somewhere in the system it will contaminate the entire system and other banks will have to follow suit,” he said.
The Attorney General noted that this is how the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework operates to ensure that financial institutions act appropriately in response to those involved in financial crimes.
OFAC enforces economic and trade sanctions to counter threats such as money laundering, terrorism, and corruption. Sanctions typically involve freezing assets and prohibiting US entities from engaging with targeted individuals, businesses, or countries. Violating these sanctions can lead to serious penalties, including fines and criminal charges. OFAC sanctions also carry wider consequences, as anyone dealing with sanctioned parties may face secondary sanctions and legal or reputational fallout, impacting national financial systems and international relations.
Both Azruddin and his father Nazar “Shell” Mohamed are sanctioned by OFAC for gold smuggling, tax evasion, and corruption.
Recently, US Ambassador to Guyana Nicole D. Theriot told the local media that the US is concerned if Mohamed is elected to Parliament, noting the negative impact it will have on business and diplomatic relations between the two countries.
If elected to Parliament, Mohamed becomes part of the governance structure, and there will be repercussions, the Attorney General stated.
“That is a statement of fact,” he insisted, adding that “ The Guyanese electorate will have to deal with that and the Guyanese people will have to deal with that, and that is why we are saying this is not a normal competitor, this is a person if elected he will expose the country to harm, he has already exposed the persons associated with him to harm, visas have been revoked and persons are being questioned at airports.”
The Attorney General said that Guyana has already experienced the effects of a contaminated system when the country was blacklisted. Operators of the local financial system is cognisant of how sanctions operate and is thus taking the appropriate required steps to ensure its protection, he noted.

Guyana requests more information from US on sanctioned police officer

Posted on by Kayleigh Carter

The Guyana government has made a request for further information to be shared regarding the sanctioned police officer, Senior Superintendent Himnauth Sawh.
Sawh is among five persons recently sanctioned by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) for “ILLICIT-DRUGS-EO14059”, which, according to Executive Order 14059, targets individuals or organisations complicit in the global illegal drug trade.
In reply to questions from media operatives on the sidelines of a separate event Thursday, President Irfaan Ali said he has already spoken with US Ambassador Nicole Theriot for information about the Guyana Police Force Senior Superintendent.
“So we have to launch an investigation, but we have to have information, so I have spoken to the US ambassador and I know the security architecture and infrastructure is also seeking this information,” the president stated.
The president revealed further that depending on the outcome of the information and investigation, action will be pursued against the embattled officer.
It is alleged that while holding the senior post of officer-in-charge in the Barima-Waini location in Region One, Sawh was connected to a major 4.5-tonne cocaine bust. The drugs were estimated at €176 million (US$195 million) and were hidden in four camouflaged, hand-dug pits.
The president told the media that this bust had been the result of strong partnership and information sharing between relevant security forces. He said that the US and Guyana have been working together on various initiatives targeting persons involved in the illicit activity.
Senior Superintendent Himnauth Sawh was immediately sent on administrative leave following his listing on the OFAC’s update of sanctioned persons.