Suriname Makes Significant Progress in Enacting Anti-Terrorism Financing Regulations
July 12, 2024
In a significant step towards strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) framework, Suriname has made significant progress in enacting new regulations to prevent terrorist financing.
Reviewing Amendments to AML/CFT Law and Developing Directive by Central Bank of Suriname
According to a recent technical assistance report, the government’s efforts were focused on reviewing further amendments to the AML/CFT law, as well as developing a directive by the Central Bank of Suriname (CBvS) to strengthen its supervisory arrangements. The report highlights the authorities’ continued initiatives to strengthen the legal framework and existing supervisory arrangements in place at the CBvS.
Key Components of the CBvS AML/CFT Supervisory Framework
- Amendments to the AML/CFT supervision manual
- Institutional money laundering/terrorism financing risk matrix set up
The report notes that these amendments aim to enhance the effectiveness of Suriname’s AML/CFT regime and improve its compliance with international standards.
Positive Impact on Economy, Financial Stability, and Reputation
The report is a testament to Suriname’s commitment to combating terrorism and money laundering, and it marks an important milestone in the country’s efforts to strengthen its financial system and protect against illicit activities. The development is expected to have a positive impact on the country’s economy and financial stability, as well as enhance its reputation globally.
Capacity Development Project
The report comes as part of a capacity development project undertaken by international experts, which assisted Suriname in enacting a new AML/CFT law in November 2022 and amending related legislation. The project aimed to strengthen Suriname’s ability to prevent and detect terrorist financing and money laundering activities, and to improve its compliance with international standards.
Full Report Available for Download
The full report is available for free download on the website of the international organization that provided the technical assistance.