Suriname Strengthens Banking Regulations to Combat Money Laundering and Terrorism Financing

Strengthening AML/CFT Laws

A recent mission undertaken by international experts has helped Suriname’s authorities to further strengthen its banking regulations aimed at preventing money laundering and terrorism financing. The mission was part of a capacity development project that assisted the country in enacting a new anti-money laundering and combating the financing of terrorism (AML/CFT) law in November 2022.

Mission Highlights

• Experts reviewed amendments made to the AML/CFT law, known as Wet ter Voorkoming en bestrijding van Money Laundering en Terrorisme Financiering (WMTF)
• Team proposed amendments to a newly developed AML/CFT supervision manual
• Setup of an institutional money laundering/terrorism financing risk matrix, key components of the Central Bank of the Republic of Suriname’s (CBvS) AML/CFT supervisory framework

Goal and Recommendations

The goal of these efforts is to ensure that Suriname’s financial sector is adequately equipped to detect and prevent suspicious transactions, thereby combating money laundering and terrorism financing. The mission’s recommendations aim to enhance the country’s ability to effectively supervise banks and other financial institutions, ultimately contributing to a safer and more stable financial environment for citizens.

Technical Assistance Report

This technical assistance report, number 2024/056, provides a detailed account of the mission’s findings and recommendations, serving as a valuable resource for policymakers, regulators, and banking professionals in Suriname.