Financial Crime World

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Suriname Cracks Down on Money Laundering with Strengthened Anti-Financing Regulations

July 12, 2024

As part of a capacity development project aimed at helping authorities combat money laundering and terrorism financing, Suriname has made significant strides in enacting new regulations. The country introduced a revised anti-money laundering and combating the financing of terrorism (AML/CFT) law in November 2022, which was further amended during a recent mission by international staff.

Strengthening Supervisory Arrangements

The mission focused on reviewing existing supervisory arrangements at the Central Bank of Suriname (CBvS), aiming to strengthen the legal framework in place. Staff worked closely with authorities to develop a directive outlining AML/CFT guidelines and proposed amendments to a new supervision manual. Additionally, they helped establish an institutional risk matrix for identifying money laundering and terrorism financing threats.

Enhanced Supervisory Oversight

The strengthened regulations are seen as a crucial step in Suriname’s efforts to tackle financial crimes, which have long plagued the country. The new framework is designed to enhance supervisory oversight and ensure that financial institutions are better equipped to detect and prevent illicit activities.

Important Milestone for Anti-Money Laundering Efforts

This development marks an important milestone for Suriname’s anti-money laundering efforts, which will continue to be monitored and supported by international organizations. As part of its commitment to regular reporting, the CBvS will provide updates on its progress in implementing these new regulations.

Key Takeaways

  • Suriname introduced a revised AML/CFT law in November 2022
  • The country strengthened supervisory arrangements at the Central Bank of Suriname (CBvS)
  • New regulations aim to enhance supervisory oversight and prevent illicit activities
  • International organizations will continue to monitor and support Suriname’s anti-money laundering efforts