Jagdeo: Account closures linked to sanctions, not politics

Vice President Dr Bharrat Jagdeo on Thursday dismissed accusations of political victimisation made by five individuals aligned with the opposition We Invest In Nationhood (WIIN) party, whose bank accounts were recently closed by Demerara Bank Limited (DBL).

The individuals, including Odessa Primus, Natasha Singh-Lewi, and Duarte Hertsberger—three of whom have appeared on WIIN’s list of candidates—have alleged that the account closures were politically motivated actions by the governing People’s Progressive Party/Civic (PPP/C). WIIN is led by US-sanctioned gold dealer Azzrudin Mohamed.

Dr Jagdeo, speaking at a press conference at the PPP/C headquarters, rejected the allegations as baseless and said the bank’s actions aligned with international banking standards.

“That’s the fact of the matter,” Dr Jagdeo said, referring to the global regulations banks must follow when dealing with individuals or entities linked to sanctions.

Mohamed and his father, Shell Mohamed, were sanctioned in 2024 by the US Treasury Department’s Office of Foreign Assets Control (OFAC) for alleged public corruption, tax evasion, and gold smuggling.

If the banks in Guyana lose access to the SWIFT, Dr Jagdeo said, they will lose access to the international financial messaging system, and this would isolate any bank from the global financial ecosystem.

SWIFT is the primary global platform used by financial institutions to securely facilitate cross-border transactions. Dr Jagdeo said the implications of being cut off are severe.

“When the US wanted to sanction Russia, [they] moved to remove [Russia] from SWIFT… If you lose access to that, you might as well shut down the bank. You can’t function,” he said, adding that access is essential for processing payments for imports and exports.

Dr Jagdeo also argued that the WIIN-linked individuals’ association with a US-sanctioned figure justified the increased scrutiny from financial institutions.

“You’re part of an organisation called WIIN, headed by a man who is sanctioned. So you’re subjected to enhanced scrutiny [and] no bank will want to risk that relationship with the US,” he said.

He further warned that other financial institutions may take similar steps to safeguard their ties with the international banking system.