Financial Crime World

Suriname’s Achievements in Money Laundering and Terrorist Financing Compliance: CFATF Upgrades Ratings

According to a recent CFATF (Caribbean Financial Action Task Force) press release, Suriname has made noticeable progress in fortifying its framework against money laundering and terrorist financing. Suriname has been re-rated on four key recommendations.

Suriname’s Enhanced Follow-Up

Since the CFATF’s mutual evaluation report, which assessed the effectiveness of Suriname’s anti-money laundering and counter-terrorist financing (AML/CFT) measures and adherence to FATF Recommendations, Suriname has been under enhanced follow-up. The country reported back to the task force, detailing the improvements made to strengthen its AML/CFT regime as part of the Fourth Round of AML/CFT Mutual Evaluations.

Suriname’s Upgraded Ratings

Suriname’s dedication paid off, leading to the following upgraded ratings:

  • Politically Exposed Persons (PEPs): Partially Compliant -> Largely Compliant
  • Correspondent Banking: Partially Compliant -> Compliant
  • Tipping-off and Confidentiality: Partially Compliant -> Compliant
  • Designated Non-Financial Businesses and Professions (DNFBPS): Customer Due Diligence: Partially Compliant -> Largely Compliant

Suriname now complies or largely complies with 14 of the 40 FATF Recommendations.

CFATF’s Acknowledgment

CFATF’s announcement recognizes Suriname’s strides in strengthening its stance against illicit financial activities. Here’s a summary of the achievements:

  1. Politically Exposed Persons (PEPs): Suriname has improved its procedures for identifying and assessing the money laundering risk of PEPs and has enhanced its Customer Due Diligence (CDD) measures for these individuals.

  2. Correspondent Banking: Suriname has taken steps to establish and implement effective systems for identifying and assessing the money laundering and terrorist financing risks of correspondent banking relationships.

  3. Tipping-off and Confidentiality: The country has made progress in creating mechanisms to effectively and efficiently handle reports of suspicions of money laundering and terrorist financing. Additionally, it has established appropriate requirements and procedures to protect the confidentiality of information.

  4. Designated Non-Financial Businesses and Professions (DNFBPS): Suriname has taken steps to extend AML/CFT requirements to DNFBPS and ensure they carry out CDD measures effectively.

These upgrades demonstrate Suriname’s commitment to enhancing its AML/CFT regime and combating money laundering and terrorist financing activities.