Justice Damone Younge on Thursday dismissed the proceedings filed by Nazar Mohamed and Azruddin Mohamed, ruling that the Bank of Guyana (BoG) acted lawfully when it revoked their cambio licence following U.S. Treasury sanctions.
The application was dismissed in its entirety. Justice Younge ordered the Mohameds to pay the Bank of Guyana $250,000 in prices, payable by April 10, 2026.
The authorized battle started on June 13, 2025, precisely one yr after the Bank of Guyana moved to terminate the licence of the Mohameds’ entity, Confidential Cambio. The central financial institution’s resolution adopted the June 11, 2024, announcement by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), which positioned the Mohameds on the Specially Designated Nationals (SDN) checklist.
