Suriname Refuses to Participate in National Risk Assessment, Risks Blacklisting

Suriname’s decision not to participate in the National Risk Assessment (NRA) has sent shockwaves through the international community. The NRA is a crucial evaluation of the country’s efforts to combat money laundering and corruption, and Suriname’s refusal to participate may lead to its blacklisting.

Regulatory Failures and Inadequate Supervision

Suriname’s banking sector has been plagued by regulatory failures and inadequate supervision, making it an attractive haven for illicit financial activities. Despite efforts to clean up the sector, significant reforms are still needed to meet international standards.

Criticisms from the NRA Report

The NRA report criticized Suriname’s Foreign Exchange Commission for its lack of awareness and expertise in preventing money laundering and terrorist financing. Customs authorities were also found to be lax in enforcing laws related to unauthorized exports and imports of cash and other tradable goods.

Experts Warn of Consequences

Experts warn that Suriname’s refusal to participate in the NRA will only exacerbate its problems, potentially leading to a loss of international credibility and financial support. “It’s like they’re putting their head in the sand,” said Bruce Zagaris, an international money laundering expert. “Unless Suriname proactively tackles its governance issues, transparency, and anti-corruption efforts, it won’t access external financial and technical assistance.”

Oil Discoveries Increase Risks

Suriname’s recent oil discoveries have the potential to make the country a significant petrostate. However, this also increases the risk of corruption and money laundering, as seen in other oil-rich countries.

Lack of Commitment to Reform

Despite some progress on anti-corruption efforts, many remain skeptical about the new government’s commitment to reform. The appointment of family members to key positions and the Vice President’s criminal conviction for cocaine trafficking have raised concerns about the administration’s ability to tackle deep-seated corruption.

Limited Role of Civil Society

The country’s civil society is also seen as playing a limited role in the fight against money laundering and corruption, with widespread tolerance for corrupt practices remaining a significant challenge.

A Critical Decision Ahead

As Suriname sits on the edge of becoming an oil-rich nation, it has a critical decision to make: will it choose to tackle its corruption and money laundering issues head-on, or will it risk being left behind by its peers? The world is watching.