Financial Crime World

Regulatory Requirements for Financial Institutions in Suriname Come Under Scrutiny

The Central Bank of Suriname, the country’s monetary authority and governing body in economic affairs, supervises the financial sector, which comprises nine commercial banks, investment and finance companies, savings and credit unions, insurance companies, pension funds, stock exchange, foreign exchange bureaus, and money transfer houses. The Bank Act 1956, revised in 2010, charges the Central Bank with promoting the value and stability of Suriname’s currency.

Anti-Money Laundering and Combatting Terrorist Finance Regulations

  • Anti-Money Laundering and Combatting Terrorist Finance laws and regulations have been in place since 2002.
  • The last amendment was made in 2016.
  • Compliance is supervised by the Central Bank and the Financial Investigation Unit.

FATCA Intergovernmental Agreement

Suriname has yet to enter into an Intergovernmental Agreement with the United States regarding the Foreign Account Tax Compliance Act (FATCA).

Education System

The education system in Suriname is considered extensive, with:

  • Free schooling compulsory until age 12.
  • The teaching language is mainly Dutch, with some exceptions for private American schools.

Energy Sector

Suriname has been working to develop its energy resources. Energy is generated by various entities, including:

  • EBS
  • Suralco
  • Staatsolie Power Company Suriname (SPCS)

Most of the country’s electricity comes from the Afobaka hydroelectric power plant, which is operated by Staatsolie.

Healthcare System

The healthcare system in Suriname has:

  • Four major hospitals.
  • A Psychiatric Center that provides mental health care.
  • The Ministry of Public Health coordinates national healthcare services, with an emphasis on primary healthcare.

Infrastructure Development

Infrastructure development is ongoing in Suriname, including:

  • The Johan Adolf Pengel International Airport serving as the country’s main air hub.
  • Regular bus services operating throughout the country, including public transportation and private buses.

Telecommunications

Telecommunications in Suriname include:

  • Radio
  • Television
  • Fixed and mobile phones
  • Internet services

The Telecommunications Company Suriname (Telesur) is a state-owned company that has exclusive rights to fixed-line and broadband services. The main players in the mobile telecom market are Telesur, Digicel, and Uniqa.

Telecommunications Act

In 2004, the Parliament of Suriname enacted the Telecommunications Act, which established the Telecommunications Authority Suriname (TAS). The act regulates the telecommunications sector in the country.