People’s Progressive Party/Civic (PPP/C) General Secretary, Bharrat Jagdeo says he agrees with banks closing the accounts of persons aligned with U.S-sanctioned businessman, Azruddin Mohamed. During a press conference on Thursday, the PPP/C GS said that no bank should jeopardise its future for the sake of one individual.
Mohamed, who now seeks to become president at this year’s General and Regional Elections, was sanctioned by the United States Government over allegations of gold smuggling.
Jagdeo noted that the local and US private sectors must take these sanctions seriously, warning that prolonged dealings with the businessman could risk them being cut off from the global financial system.
“The reality is our local banks are part of the global financial system [so] they have to comply with sanctions or they risk losing access to correspondent banking relationships. No US bank will deal with a local bank that handles the money of someone under sanctions,” Jagdeo stressed.
He also accused Mohamed and his campaign organisers of downplaying the seriousness of these actions and for “misleading” supporters into thinking that the sanctions are nothing to worry about.
He emphasised that even the country risks being exposed to punitive measures by the global financial system.
