Title: Suriname’s Anti-Corruption and Money Laundering Challenges: A Path towards Improvement and International Cooperation

Discussion on Suriname’s Challenges: Rule of Law, Corruption, Oil, and External Agencies

On July 31, 2020, a Global Americans webinar highlighted the importance of the rule of law in the Caribbean, focusing on Suriname’s issues with transparency in the extractive industries, anti-corruption measures, and institutional frameworks for natural resource extraction.

Anti-Money Laundering and Counter-Terrorism Financing

Role of the Financial Action Task Force (FATF)

The Financial Action Task Force (FATF) plays a significant role in preventing money laundering and terrorist financing activities by setting international standards.

Completion of National Risk Assessment (NRA)

Countries, including Suriname, need to complete and publish an NRA to understand and respond effectively to money laundering and terrorist financing risks.

Application of Risk-based Approach (RBA)

Suriname, institutions, and DNFBPs must use a RBA to ensure that anti-money laundering and counter-terrorism financing measures are in line with identified risks.

Improvements to Suriname’s Money Laundering Act of 2002

The legislation, although facilitating the seizure and forfeiture of assets from drug trafficking and related crimes, requires improvements in asset accountability and transparency.

Joining the Egmont Group

Membership in the Egmont Group can provide Suriname with expertise, financial intelligence, and training to combat money laundering and terrorist financing.

Anti-Corruption and Governance

Shortcomings of Suriname’s Existing Anti-corruption Framework

The outdated Penal Code leads to several issues, including the absence of an Anti-Corruption Commission, lack of a whistleblower law, and non-participation in the United Nations Convention on Corruption.

Technical and Financial Assistance

Importance of Improving Anti-corruption and Transparency Framework

Strengthening Suriname’s laws, treaties, and capacity is crucial for economic development.

International Assistance

Various organizations, such as the UNODC, Inter-American Development Bank, and Basel Institute of Governance, offer technical assistance and training to improve anti-corruption and anti-money laundering capabilities.

Conclusion

Though Suriname faces challenges in anti-corruption, transparency, and governance, international cooperation is available to help the country overcome them and make progress. Suriname’s natural resources and the need to manage the country’s fragile environment and protect endangered species create a strong motivation for international engagement.