Suriname Refuses to Join NRA’s Anti-Money Laundering Efforts
International Experts Warn of Blacklisting Due to Inadequate Measures
In a surprising move, Suriname has chosen not to participate in the National Risk Assessment (NRA) program aimed at combating money laundering and terrorism financing. This decision comes as international experts warn that the country is at risk of being blacklisted due to its inadequate anti-money laundering measures.
Banking Sector Regulated, But More Needs To Be Done
According to sources familiar with the matter, Suriname’s banking sector is heavily regulated, but additional amendments are needed to comply with international standards. The Foreign Exchange Commission has also been criticized for its lack of awareness and capacity in preventing money laundering and terrorist financing.
Customs Authorities Failing To Adequately Monitor Unauthorized Exports and Imports
Customs authorities have been accused of not adequately focusing on tackling unauthorized exports and imports of cash, precious metals, and other tradable goods, despite the Shipping and Tariffs Act mandating such action.
More Work Needed to Combat Corruption and Money Laundering
Despite some improvements made by the new government led by former police chief Chan Santokhi, experts say that more work needs to be done to combat corruption and money laundering. The appointment of family members to government posts and the vice president’s criminal conviction in the Netherlands have raised concerns about the administration’s commitment to reform.
Limited Participation of Civil Society a Major Challenge
The limited participation of civil society in the fight against money laundering and corruption has also been cited as a major challenge. Corruption is widely tolerated in Suriname, with many citizens viewing it as an inevitable part of everyday life.
Experts Warn of Consequences for Not Addressing Issues
Experts warn that if Suriname does not take immediate action to address these issues, it risks being blacklisted by international organizations and losing access to financial assistance and technical support. As Bruce Zagaris, an international money laundering expert, said:
“Unless Suriname proactively tackles its problems of governance, transparency, and anti-corruption, it will not access external financial and technical assistance, and it will not realize its developmental potential.”
NRA Program Instrumental in Combating Money Laundering
The NRA program has been instrumental in helping countries assess their risk levels and develop strategies to combat money laundering and terrorism financing. By refusing to participate, Suriname is sending a clear signal that it is not committed to addressing these critical issues.
Corruption and Money Laundering Must Be Controlled First
As the country prepares for its potential oil wealth, experts warn that corruption and money laundering must be controlled first. As Scott B. MacDonald, a leading expert on Caribbean affairs, said:
“Suriname has the opportunity to benefit from its potential oil wealth, but corruption and money laundering must be tackled first.”
Decision Seen as Major Setback for Region
The decision by Suriname not to participate in the NRA program is seen as a major setback for efforts to combat money laundering and terrorism financing in the region.