Guyana
The High Court has dismissed the application by Nazar and Azruddin Mohamed to reinstate their cambio license, which was revoked by the Bank of Guyana following U.S. sanctions. The court found that the Bank acted within its authority and that the Mohameds were given an opportunity to be heard before the revocation. This decision reinforces the regulatory framework governing financial institutions in Guyana.
In June 2024, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned the Mohameds for alleged involvement in gold smuggling and money laundering. Consequently, the Bank of Guyana revoked their cambio license, citing concerns over the integrity of financial operations.
The Mohameds filed a judicial review application, arguing that the revocation was unlawful and violated their right to natural justice. However, the High Court determined that the Bank of Guyana had the legal authority to revoke the license and that due process was followed, including providing the Mohameds an opportunity to respond to the allegations.
This ruling highlights the importance of regulatory compliance and the judiciary's role in upholding the integrity of financial institutions. It also serves as a precedent for similar cases involving regulatory actions against financial entities.
