Financial Crime World

Money Laundering Techniques in Suriname Under Scrutiny, Authorities Warn

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The Caribbean Financial Action Task Force (CFATF) has issued a warning about Suriname’s significant strategic deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Background

In February 2012, a high-level mission was conducted in Suriname to identify areas for improvement. However, progress has been slow in implementing necessary amendments required to become fully compliant. In November 2014, the CFATF brought attention to its members regarding Suriname’s significant strategic deficiencies in its AML/CFT regime.

Action Plan

To encourage expeditious rectification of the identified strategic deficiencies, an Action Plan was developed with target dates to address the weaknesses in Suriname’s national architecture. The plan includes strengthening customer due diligence requirements and criminalizing money laundering and terrorist financing.

Progress Made

While Suriname has made some progress in improving its AML/CFT compliance regime, it has failed to make sufficient progress in addressing its significant strategic deficiencies, including certain legislative reforms.

Consequences if No Action is Taken

If no action is taken by May 2016, the CFATF will call upon its members to consider implementing countermeasures to protect their financial systems from ongoing money laundering and terrorist financing risks emanating from Suriname. The CFATF may also refer Suriname to the Financial Action Task Force International Cooperation Review Group (FATF ICRG) if no progress is made.

Next Steps

The CFATF has warned that it will take action if Suriname fails to address its AML/CFT deficiencies. The statement can be downloaded from the CFATF website.

Key Takeaways

  • Suriname’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime has significant strategic deficiencies.
  • Progress has been slow in implementing necessary amendments required to become fully compliant.
  • An Action Plan was developed with target dates to address weaknesses in Suriname’s national architecture.
  • If no action is taken by May 2016, the CFATF will call upon its members to consider implementing countermeasures.