The legal appeal by Nazar and Azruddin Mohamed regarding the revocation of their cambio license has been denied. Justice Damone Younge dismissed their proceedings on Thursday, confirming the actions taken by the Bank of Guyana (BoG) were lawful.
Background of the Case
The Bank of Guyana revoked the Mohameds’ cambio license on June 11, 2024. This decision followed sanctions imposed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), which designated the Mohameds as Specially Designated Nationals (SDN).
The legal battle initiated by the Mohameds began on June 13, 2025, exactly one year after the license was revoked. Justice Younge ruled against their application, stating that the Bank acted within its rights.
Financial Penalty
Alongside the dismissal of their appeal, the Mohameds were ordered to pay the Bank of Guyana a sum of $250,000. This amount must be settled by April 10, 2026.
Implications of the Ruling
- The ruling reinforces the authority of the Bank of Guyana in enforcing compliance with international sanctions.
- It reflects the legal ramifications individuals face when placed on the SDN list by the U.S. Treasury.
This decision marks a significant chapter in the ongoing enforcement of financial regulations within international frameworks.
