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United States sanctions on two members of the family and a government official.

In a notice issued on Thursday, the Bank of Guyana said the cambio licence has indeed been revoked.

“Members pf the Public are hereby advised of the revocation of the licence of Confidential Cambio situated at Lot 29 Lombard Street Werk-en-Rust, Georgetown in accordance with the Dealers in Foreign Currency (Licensing) Act 1989. As a consequence, the entity is no longer authorised to conduct the business of buying and selling of foreign currency,” the revocation notice stated.

Nazar Mohamed and his son, Azruddin, were members of the Mohamed’s family sanctioned by the US Department of the Treasury.

Ventures associated with the family: Mohamed’s Enterprise, Hadi’s World and Team Mohamed’s Racing were also sanctioned. Permanent Secretary of the Ministry of Labour, Mae Thomas was also implicated in the corruption allegations.

Vice President Dr. Bharrat Jagdeo, during his Thursday press conference, said steps are being taken to ensure that the State is in compliance with the US sanctions. The revocation of the cambio licence is one of those steps, he said.

United States sanctioned two members of the Mohamed’s family and Permanent Secretary of the Ministry of Labour, Mae Thomas over alleged gold smuggling and corruption.

The US Department of the Treasury, in a statement this week, said between 2019 and 2023, Mohamed’s Enterprise omitted more than 10 thousand kilogrammes of gold from import and export declarations and avoided paying more than US $50 million in duty taxes to the Government of Guyana.

Mohamed’s Enterprise has also been accused of bribing customs officials to falsify import and export documents, as well as to facilitate illicit gold shipments.

With these sanctions in place, the Government of Guyana is assessing what steps need to be taken now to comply with those penalties. Jagdeo said Bank of Guyana and other local financial bodies are creating a full report on what actions are needed to ensure that the country is in full compliance with the sanctions.

Already, the cambio license for the Mohameds is to be cancelled.

United States sanctions on two members of the Mohamed’s family and Permanent Secretary of the Ministry of Labour, Mae Thomas.

“We intend to fully investigate this matter, we intend to prosecute those who break the law, we intend to work in full partnership with the US government,” the Vice President said at a press conference.

According to Jagdeo, the Government of Guyana and the US Government share a strong relationship and the relevant information and documentation from the US probe has been requested.

In fact, he said the government wrote to the Secretary of the Treasury Janet Yellen, particularly seeking information gathered on corrupt government officials in Guyana.

And he vowed that all culpable parties will be held accountable.

“… we have made it clear from the very beginning that people who break the law will face the consequences and therefore if the Mohamed’s break the law, they will face the consequences.

“But they have, as Guyanese citizens, the right the due process as any other citizen,” Jagdeo said.

Nazar Mohamed and his son, Azruddin, were members of the Mohamed’s family sanctioned by the US Department of the Treasury.

Ventures associated with the family: Mohamed’s Enterprise, Hadi’s World and Team Mohamed’s Racing were also sanctioned. Thomas was also implicated in the corruption allegations.

Several US security and law enforcement bodies- from Homeland Security to the Federal Bureau of Investigations- were involved in the US investigations reportedly conducted into the operations of the Mohameds and Thomas.