Suriname Makes Progress in Fight Against Money Laundering and Terrorist Financing

In a significant step forward in its efforts to combat money laundering and terrorist financing, Suriname has made notable progress since its 2022 mutual evaluation with the Caribbean Financial Action Task Force (CFATF). As a result, it has earned improved ratings on four key recommendations.

Progress and Upgrades

Suriname’s strengthened framework has been upgraded from partially compliant to largely or fully compliant with several critical anti-money laundering and counter-terrorist financing measures. This progress is reflected in the CFATF’s 2022 mutual evaluation report, which identified technical compliance deficiencies in Suriname’s AML/CFT regime.

Areas of Improvement

The country has made significant strides in strengthening its anti-money laundering and counter-terrorist financing framework in four key areas:

• Politically Exposed Persons (PEPs): Improvements have been noted in the regulation and supervision of PEPs.
• Correspondent Banking: Suriname has strengthened its correspondent banking relationships to prevent money laundering and terrorist financing.
• Tipping-off and Confidentiality: The country has enhanced its measures to prevent tipping-off and ensure confidentiality in AML/CFT reporting.
• Designated Non-Financial Businesses and Professions (DNFBPS) Customer Due Diligence: Suriname has improved its customer due diligence requirements for DNFBPS, including real estate agents, lawyers, and notaries.

Improved Ratings

As a result of these advancements, Suriname is now rated as compliant or largely compliant with 14 out of the 40 FATF recommendations. This marks a notable improvement in its overall performance.

Achievement and Reputation

The upgraded ratings are seen as a significant achievement for Suriname, demonstrating its commitment to combating money laundering and terrorist financing and strengthening its international reputation in the process.