Financial Crime World

Suriname Makes Significant Progress in Anti-Money Laundering and Combating the Financing of Terrorism Efforts

The Caribbean Financial Action Task Force (CFATF) has announced that Suriname has made significant strides in addressing deficiencies in its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework.

Overview of Progress

In a recent report, CFATF found that Suriname had largely addressed the shortcomings outlined in the 4th Round Mutual Evaluation Report (MER), with only minor areas remaining. The report noted that Suriname has re-rated as “Largely Compliant” for Recommendation R.12 and “Compliant” for Recommendations R.13 and R.21.

Strengthening AML/CFT Framework

The CFATF praised Suriname’s efforts to strengthen its AML/CFT framework, particularly in the area of correspondent banking relationships. The country has implemented measures to ensure that service providers:

  • Collect sufficient information about respondent institutions
  • Assess their procedures to prevent money laundering and terrorist financing
  • Obtain senior management approval before establishing new relationships

Protecting Service Providers

Suriname also made significant progress in protecting service providers, directors, and employees from criminal and civil liability for breach of any restriction on disclosure of information imposed by contract or by statutory provisions when reporting suspicions of money laundering or related offenses. The country’s recently enacted WMTF Act designates information shared under the Act as confidential and provides protection against tipping-off and confidentiality obligations.

Remaining Deficiencies

While there are still some minor deficiencies remaining, CFATF noted that Suriname has taken significant steps to strengthen its AML/CFT framework. The report concluded that Suriname is re-rated as “Compliant” for Recommendations R.13 and R.21, reflecting the country’s progress in addressing previous shortcomings.

Way Forward

The CFATF encourages Suriname to continue to implement measures to address the remaining deficiencies and to maintain its momentum in strengthening its AML/CFT framework.