WASHINGTON — The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned members of one of Guyana’s wealthiest families, Nazar Mohamed and his son, Azruddin Mohamed, along with their company, Mohamed’s Enterprise, and a Guyanese government official, Mae Thomas. These sanctions were imposed due to their involvement in public corruption in Guyana. Additionally, OFAC designated two other entities, Hadi’s World and Team Mohamed’s Racing Team, for being owned or controlled by Mohamed’s Enterprise and Azruddin.
“Today’s action underscores our commitment to holding accountable those who seek to exploit Guyana’s underdeveloped gold sector for personal gain,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “Treasury, in close coordination with our partners in U.S. law enforcement, will continue to take action to safeguard the U.S. financial system from abuse by corrupt actors.”
These actions were coordinated with multiple agencies including Homeland Security Investigations New York Organized Crime Drug Enforcement Task Force (OCDETF) Strike Force, Diplomatic Security Service, Customs and Border Protection (CBP) Office of Intelligence – New York Operations, and the Federal Bureau of Investigation’s Miami Field Office.
Gold is a major export for Guyana but remains fragmented with small-scale mining operations dominating production. These businesses have informal relationships with larger traders like Mohamed’s Enterprise. Nazar Mohamed founded the company before expanding into gold trading in the United States. Azruddin later took over operations.
Between 2019 and 2023, Mohamed's Enterprise allegedly evaded taxes on gold exports by under-declaring shipments, avoiding over $50 million in duty taxes owed to the Government of Guyana. They also bribed customs officials to falsify documents and facilitate illicit shipments.
Azruddin is also associated with Team Mohamed's Racing Team while Hadi's World is a subsidiary of Mohamed's Enterprise.
Mae Thomas served as Permanent Secretary to Guyana's Minister of Home Affairs from October 2020 through August 2023 and currently holds a similar position at the Ministry of Labour. She allegedly used her position to benefit Mohamed's Enterprise in exchange for cash payments and high-value gifts.
OFAC designated these individuals and entities under Executive Order 13818 which implements the Global Magnitsky Human Rights Accountability Act targeting serious human rights abuses and corruption worldwide.
As a result of these sanctions, all property within U.S jurisdiction belonging to these individuals or entities is blocked. Financial institutions engaging with them may face sanctions themselves unless authorized by OFAC.
The ultimate goal of such sanctions is not punitive but aims at fostering positive changes in behavior according to OFAC guidelines.
