Nazar Mohamed and Azruddin Mohamed
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 costs, payable by April 10, 2026.
The legal battle began on June 13, 2025, exactly one year after the Bank of Guyana moved to terminate the licence of the Mohameds’ entity, Confidential Cambio. The central bank’s decision followed the June 11, 2024, announcement by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), which placed the Mohameds on the Specially Designated Nationals (SDN) list.
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