The Bank of Guyana today announced that it has revoked the license of Confidential Cambio of Lombard Street, Georgetown, which was operated by the Mohamed family. In a public notice, the Central Bank stated that with the revocation, the entity is no longer authorized to conduct the business of buying and selling foreign currency.

The cambio is located in the same building where Mohamed’s Enterprise is located. The Bank of Guyana’s announcement came moments after Vice President Bharrat Jagdeo made the same announcement at his press conference.

Mohamed’s Enterprise along with its owners, and some of their other companies, have all been sanctioned by the US Department of Treasury for their alleged involvement in tax evasion and illegal gold trading. Permanent Secretary Mae Thomas has also been sanctioned.

The Mohamed family owns a number of multi-million dollar businesses in Guyana covering various sectors, from real estate, to gold trading and cambio operations to construction.

At his press conference this afternoon, Vice President Bharrat Jagdeo said the decision to revoke the Cambio license for the Mohameds forms part of critical steps being taken by the Government to safeguard the country’s financial system from possible sanctions.

He said following the imposition of sanctions on Nazar Mohamed, his son Azruddin, and Permanent Secretary Mae Thomas by the US Treasury Department, the Government immediately instructed the Bank of Guyana and the Financial Intelligence Unit (FIU) to compile a report on the implication of those sanctions on Guyana’s financial system. 

“So, they will present a comprehensive report on the implications of the sanctions for our financial system. We want to safeguard our financial system. That would mean, exposure of our banks to the Mohameds, and any other matter that may have a direct bearing of a financial nature on our system. Because we are obligated to do so under the sanctions, which would safeguard the financial sector of Guyana,” the Vice President said. 

The Government, according the Vice President, has also asked all of its other agencies that have conducted business with the Mohameds to submit a report of those transactions. He said it was important to ensue that there is full compliance to avoid any sanction. 

“We don’t want to expose our country to problems because of these sanctions, and non-compliance with these sanctions. We don’t want to expose government entities to potential sanctions,” Jagdeo emphasized. 

 The sanctions announced by the US against the Mohameds and Mae Thomas, will affect all assets owned by them in the US, and companies and individuals that continue to do business with them could possibly face sanctions of their own.

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