Mohamed’s cambio licence revoked

The Bank of Guyana on Thursday revoked the cambio licence held by the Mohamed’s family following 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In a notice issued on Thursday, the Bank of Guyana said the cambio licence has indeed been revoked.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.