GEORGETOWN, Guyana – The Demerara Bank Limited (DBL) has confirmed that it has closed the accounts of several persons who are associated with the Azruddin Mohamed-led We Invest in Nationhood (WIN) political party.
Members of the WIN political party speaking at news conference on Tuesday night following the decision of the Demerara Bank Limited (DBL) to close down their accounts.WIN candidates for the September 1 regional and general elections, Duarte Hetsberger and Natasha Singh, told a news conference on Tuesday night that they had received correspondence from the bank informing them of the closure of their personal accounts.
“We write to inform you that Demerara Bank would be discontinuing all account maintenance services provided to you effective July 25, 2025. This decision was made in compliance with our internal policies and banking requirements,” Singh said, reading from the letter, adding that the correspondence also stated that “no further deposits will be accepted into your account”.
Singh said she had already consulted a lawyer and legal action would be taken “because the bank has a licence and a responsibility to do business with all Guyanese”. She said she has had the account for 15 years.
“The bank has a license and has a responsibility to do business with all Guyanese, and my service with them goes beyond 15 years. I have had 15 years or more of uninterrupted service with that bank, and suddenly today, I received a letter to say that they will discontinue service with me. I found that very strange,” Singh told reporters.
They said a number of other party candidates who have accounts at Demerara Bank have received similar emails and that they had also received calls from the bank informing them of the move to close their accounts.
They were informed that if they did not close their accounts by July 25, they would be closed “automatically” and a manager’s cheque for the balance would be prepared and sent to them.
The candidates said the bank has offered no explanation and is only citing “internal policies”.
But DBL chief executive officer, Dowlat Parbhu told Guyana-based online publication, Demerara Waves Online News, that the decision was made to ensure the financial institution complies with international financial sector rules governing relations with sanctioned individuals.
“I don’t think it should be unclear. If they had read all the provisions of international compliance legislation and protocol dealing with an individual that was sanctioned by OFAC (Office of Foreign Assets Control), then they should be very clear. If those who are interested go and read it, they will find the reason why Demerara Bank had to take such a decision,” he told the publication.
Parbhu said that the decision was taken in light of DBL’s risk assessment and declined to say how many accounts had been affected by the decision “because that people’s personal information in a sense.
“Anybody, who has a relationship that poses a compliance risk with the bank, we have an obligation under the AML (Anti-Money Laundering) legislation to take action and de-risk and that comes with international correspondent bank guidelines,” he said, adding that the bank was not obligated to report its decision to the Bank of Guyana.
WIN’s political leader, was sanctioned by the United States Treasury Department’s OFAC in June 2024 for allegedly evading US$50 million in taxes payable to the Guyana government on more than 10,000 kilogrammes of gold exports.
Almost immediately, the Bank of Guyana had rescinded the Mohamed’s foreign exchange dealers license and eventually cut other business ties.
There has been no statement by Mohamed on the latest development, but he has in the past accused the ruling People’s Progressive Party/Civic (PPP/C) of being behind efforts to scuttle his presidential bid in the elections.
