Banking Regulations for Anti-Money Laundering in Suriname Under Scrutiny

AML/CFT Regime Criticized by Caribbean Financial Action Task Force (CFATF)

A recent report by the Caribbean Financial Action Task Force (CFATF) has highlighted significant strategic deficiencies in Suriname’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime. The country is being urged to take swift action to address these shortcomings or face potential countermeasures from other nations.

History of Concerns

In 2012, a high-level mission was conducted by the CFATF in Suriname, which identified several areas requiring improvement. Since then, progress has been slow, prompting the CFATF to bring the matter to its members’ attention in November 2014. An action plan was subsequently developed with Suriname, outlining target dates for addressing these deficiencies.

Progress and Shortcomings

While Suriname has made some improvements, including:

• Strengthening customer due diligence requirements
• Criminalizing money laundering and terrorist financing

the country has failed to make sufficient progress in addressing key legislative reforms. The CFATF is now calling on the country to take specific steps by May 2016 or face potential consequences.

Consequences of Non-Compliance

If Suriname does not meet these deadlines, the CFATF will:

• Identify the country as not taking sufficient action to address its AML/CFT deficiencies
• Recommend countermeasures to protect other countries’ financial systems from money laundering and terrorist financing risks emanating from Suriname
• Refer Suriname to the Financial Action Task Force International Cooperation Review Group (FATF ICRG) if necessary steps are not taken.

Full Statement Available

The full statement can be downloaded from the CFATF website.