THE warning from former ANUG founding member Timothy Jonas, S.C., about local banks maintaining risky ties with persons associated with US-sanctioned businessman Azruddin Mohamed should alert every Guyanese who cares about our country’s economic stability.
Jonas’s blunt statement that banks must “cut all ties with anyone connected to US-sanctioned Azruddin Mohamed or face financial ruin” is not an exaggeration but a harsh reality.
Jonas clearly explains the mechanics of modern banking, showing just how fragile our financial system really is.
When he mentions the familiar Visa and American Express logos on our cards, he reveals an uncomfortable fact: Our banking system depends heavily on American correspondent banks.
This isn’t just about political choices; it’s about the basic structure that allows Guyanese to shop on Amazon, send money overseas, or receive remittances from family abroad.
The quick actions by Demerara Bank, GBTI, and Citizens Bank to shut down accounts of WIN candidates show smart decision-making.
These banks grasp what Mohamed’s political allies seem to miss: OFAC sanctions have serious consequences that go far beyond the individual being sanctioned.
The alleged US$50 million in tax evasion and 10,000 kilograms of undeclared gold exports that led to Mohamed’s sanctions reflect the type of misconduct that poisons international banking relationships.
Jonas’ grim prediction that ties to sanctioned individuals could lead to a total banking breakdown, loss of credit card use, and economic isolation mirrors the harsh realities seen in Afghanistan and other affected regions.
US Ambassador Nicole Theriot’s statement that American companies might “de-risk or even cut ties” with Guyana if Mohamed gains power should alarm every citizen.
The real tragedy is not with the banks, which are only trying to protect their existence, but with the “unsuspecting Guyanese” who may suffer financially due to their political connections.
As Dr. Bharrat Jagdeo points out, these individuals, unlike Mohamed’s family members who cleverly avoided the candidate list, will face the consequences of sanctions compliance while their leader stays shielded.
Mohamed’s call for boycotts against legitimate financial institutions shows a dangerous disregard for reality. Instead of recognising the seriousness of international sanctions, he lashes out at the institutions that protect Guyana’s financial stability.
This tactic risks pulling more innocent Guyanese into the sanctions trap while damaging trust in our banking system.
Guyana faces a clear choice: We can continue our “strong relationship” with the United States and keep access to global financial markets, or we can risk our economic future for the political goals of a sanctioned individual.
The banks have already made their choice. They are looking out for Guyana’s financial future. The real question is whether voters will make the same smart choice in September.
Jonas’ warning is not solely about banking; it concerns national survival in a connected global economy where following sanctions is not optional; it is vital.