Suriname Makes Progress in Fighting Financial Crime, Re-Rated by CFATF

Suriname Strengthens Anti-Money Laundering and Counter-Terrorist Financing Framework

In a significant development, Suriname has made substantial progress in strengthening its anti-money laundering and counter-terrorist financing framework, earning the country a re-rating from the Caribbean Financial Action Task Force (CFATF) on four key recommendations.

Addressing Technical Compliance Deficiencies

According to CFATF procedures, Suriname has reported back on the progress made in strengthening its anti-money laundering and counter-terrorist financing measures since the adoption of the mutual evaluation report. The country has demonstrated significant strides in addressing shortcomings, leading to re-ratings on four key recommendations.

Key Recommendations with Improved Ratings

• Recommendation 12: Politically Exposed Persons (PEPs) - Improved from partially compliant to largely compliant
• Recommendation 13: Correspondent Banking - Improved from partially compliant to compliant
• Recommendation 21: Tipping-off and Confidentiality - Improved from partially compliant to compliant
• Recommendation 22: Designated Non-Financial Businesses and Professions (DNFBPS): Customer Due Diligence - Improved from partially compliant to largely compliant

Outcome of Progress

As a result of this progress, Suriname is now rated as Compliant or Largely Compliant with 14 out of the 40 FATF Recommendations. This development underscores the country’s commitment to combating financial crime and enhancing its reputation as a responsible player in the global financial system.

Conclusion

Suriname’s significant progress in strengthening its anti-money laundering and counter-terrorist financing framework is a testament to the country’s dedication to addressing technical compliance deficiencies and enhancing its reputation in the global financial system.