Financial Crime World

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

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In a major breakthrough, Suriname has made significant strides in strengthening its framework to combat money laundering and terrorist financing, earning it an upgrade from the Caribbean Financial Action Task Force (CFATF) on four key recommendations.

CFATF’s Mutual Evaluation Report

The CFATF had placed Suriname in an enhanced follow-up process after the adoption of its mutual evaluation report, which assessed the effectiveness of the country’s anti-money laundering (AML) and counter-terrorist financing (CFT) measures. In line with the CFATF Procedures for the Fourth Round of AML/CFT Mutual Evaluations, Suriname has submitted a progress report detailing the steps it has taken to strengthen its AML/CFT framework.

Progress Report Highlights

The report analyzes Suriname’s progress in addressing technical compliance deficiencies identified during the mutual evaluation process. The CFATF has re-rated Suriname as:

  • Largely Compliant on Recommendations 12 (Politically Exposed Persons)
  • Largely Compliant on Recommendation 22 (Designated Non-Financial Businesses and Professions: Customer Due Diligence)
  • Partially Compliant on Recommendation 13 (Correspondent Banking)
  • Partially Compliant on Recommendation 21 (Tipping-off and Confidentiality)

Impact of the Upgrade

With this upgrade, Suriname is now rated as Compliant or Largely Compliant with 14 out of the 40 FATF Recommendations. The country’s progress is a testament to its commitment to combating financial crime and demonstrates its willingness to implement international standards and best practices in the fight against money laundering and terrorist financing.

Key Takeaways

  • Suriname has made significant progress in strengthening its AML/CFT framework.
  • The CFATF has re-rated Suriname as Largely Compliant or Partially Compliant on four key recommendations.
  • Suriname is now rated as Compliant or Largely Compliant with 14 out of the 40 FATF Recommendations.