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Suriname Fails to Meet FATF AML Standards

A recent Mutual Evaluation report has revealed that Suriname has fallen short of meeting the technical requirements set by the Financial Action Task Force (FATF) in regards to Anti-Money Laundering (AML) regulations.

Compliance Ratings

The country’s ratings, which reflect its compliance with FATF Recommendations, have been deemed as follows:

• 15 out of 40 ratings were marked as non-compliant
• 12 were classified as partially compliant
• The remaining 13 were largely compliant

Areas for Improvement

Suriname was found to be lacking in areas such as:

• Assessing risk and applying a risk-based approach (R.1)
• National cooperation and coordination (R.2)
• Confiscation and provisional measures (R.4)
• Terrorist financing offence (R.5)
• Targeted financial sanctions related to terrorism and terrorist financing (R.6)

Areas of Strength

On the other hand, Suriname was found to be compliant in areas such as:

• Customer due diligence (R.10)
• Record keeping (R.11)
• Internal controls and foreign branches and subsidiaries (R.18)
• Regulation and supervision of financial institutions (R.26)
• Powers of supervisors (R.27)

Recommendation

The FATF report highlights the need for Suriname to strengthen its AML/CFT framework, particularly in areas where it was found non-compliant. The country’s authorities have been urged to take immediate action to address these shortcomings and ensure that its financial system is adequately protected from money laundering and terrorist financing risks.

Accessing the Report

The full report can be accessed on the FATF website.