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Suriname: Money laundering and terrorist financing law in the making

In the government council meeting on 4 August, Minister Kenneth Amoksi of Justice and Police (Juspol) argued in favor of the draft law to prevent and combat money laundering and terrorist financing. The minister told the council that this law is a consequence of the recommendation that resulted from the third evaluation of the Caribbean Financial Action Task Force (CFATF).

In the third evaluation, Suriname was assessed positively, but at the same time it was also indicated that the current legislation, in particular the Unusual Transactions Act (MOT) and the Identification Service Providers Act (WID), had shortcomings. Both laws aim to combat money laundering and the financing of terrorism.

When they came into effect, they mainly focused on services provided by financial institutions. However, after amendments, these laws were extended to other service providers such as casinos and money transfer offices. In order to identify clients and report unusual transactions, service providers now have to consult two laws, which creates a number of problems.

The minister explained that in view of the obligations incumbent on service providers, it is not convenient to enforce two separate laws. The draft law will bring together the MOT and WID Act. Suriname is also given the opportunity to adapt its own legislation to the latest developments and recommendations of CFATF.

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