Suriname Takes Significant Steps to Combat Money Laundering and Terrorist Financing

In a major milestone, Suriname has made significant progress in improving its anti-money laundering (AML) and combating the financing of terrorism (CFT) regime, according to a report by the Caribbean Financial Task Force.

Anti-Money Laundering Law

Suriname’s anti-money laundering law, which was last amended in 2016, is designed to prevent the misuse of its financial system for illegal activities. The Disclosure of Unusual Transactions (Financial Services) Act, also known as Wet Melding Ongebruikelijke Transacties, has been in place since 2002.

Praise from the Caribbean Financial Task Force

Suriname’s efforts have not gone unnoticed. The Caribbean Financial Task Force has praised the country for its commitment to implementing measures to prevent the financing of terrorism. Suriname has also been a member of the task force since its inception and has undergone several mutual evaluation reports.

Recent Progress

The most recent follow-up report, published on May 31, 2017, highlighted significant progress made by Suriname in addressing strategic deficiencies identified by the task force. The country’s action plan, agreed upon with the Caribbean Financial Task Force, has also been praised for its effectiveness in improving its AML and CFT regime.

Key Achievements

• Suriname has established a legal and regulatory framework to meet its commitments made in the action plan. • The country has made significant progress in addressing strategic deficiencies identified by the task force. • Suriname’s accession to the International Convention for the Suppression of the Financing of Terrorism was approved by the National Assembly.

Conclusion

Suriname’s efforts to combat money laundering and terrorist financing are a positive step towards ensuring the integrity of its financial system and preventing illegal activities. The country’s progress is a testament to its commitment to implementing effective measures to prevent the misuse of its financial system for illegal activities.