Financial Crime World

Suriname Confronts Multiple Financial Crimes, Report Says

A recent report has shed light on the prevalence of various financial crimes in Suriname, a small country in South America. According to the report, Suriname faces numerous challenges in implementing anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

Assessment of AML/CFT Compliance

The report assesses Suriname’s compliance with the Financial Action Task Force (FATF) Recommendations and finds that the country has made some progress in addressing these issues. However, it also identifies several areas where significant improvement is needed.

Key Concerns

  • Lack of Comprehensive Money Laundering Offence: The report highlights the lack of a comprehensive money laundering offence, making it difficult for authorities to effectively prosecute and punish those involved in this type of crime.
  • Terrorist Financing Offence: Suriname does not have a specific terrorist financing offence, making it challenging to address this threat.
  • Non-Profit Organisations: The country’s laws do not provide sufficient transparency and beneficial ownership requirements for non-profit organisations, which can be exploited by criminal networks.

Positive Developments

  • Financial Institution Secrecy Laws: Suriname has made significant progress in implementing financial institution secrecy laws, protecting customer information and preventing unauthorized disclosure.
  • Correspondent Banking: The country has established correspondent banking relationships with foreign banks, a crucial step in facilitating international transactions.

Areas for Improvement

  • Customer Due Diligence: Suriname needs to strengthen its customer due diligence measures to prevent financial crimes.
  • Record-Keeping: The country must improve its record-keeping practices to ensure effective monitoring and supervision of financial institutions.
  • Regulation and Supervision: Suriname’s regulatory bodies must be strengthened to effectively supervise financial institutions and designated non-financial businesses and professions (DNFBPs).

Conclusion

The report’s findings are significant, highlighting the need for Suriname to strengthen its AML/CFT framework to prevent financial crimes and protect its economy. The country must take concrete steps to address these weaknesses and demonstrate its commitment to combating financial crime.

Government Response

In response to the report’s findings, the government of Suriname has vowed to take immediate action to address the identified shortcomings and improve its overall AML/CFT regime.