FATF status

Suriname is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The last follow-up Mutual Evaluation relating to the implementation of anti-money laundering and counter-terrorist financing standards in Suriname was undertaken in 2023. According to that Evaluation, Suriname was deemed Compliant for 3 and Largely Compliant for 11 of the FATF 40 Recommendations. It remains deemed Highly Effective for 0 and Substantially Effective for 0 of the Effectiveness Compliance ratings.

Suriname has laws against corruption, but enforcement is inconsistent, with rare convictions despite the passage of anti-corruption legislation in 2017. A new decree issued in August 2023 aims to enhance transparency among public officials, yet there are still no regulations to address conflicts of interest in government contracts. Corruption remains a significant barrier to foreign direct investment, particularly in public procurement and licensing, and the lack of internal controls among local companies exacerbates the issue.

Suriname's economy is primarily driven by extractive industries, particularly gold mining and a burgeoning offshore oil sector, which significantly attract foreign direct investment (FDI). The International Monetary Fund (IMF) projects a growth of three percent for the economy in 2024, supported by government reforms aimed at stabilizing the macroeconomic situation and improving transparency, although challenges such as corruption and an unclear investment approval process remain. The gold mining sector is the government's main revenue source, contributing approximately 80 percent of total income.

Suriname's investment climate is officially supportive of both local and foreign investment, particularly favoring U.S. investors with experience in developing countries. However, challenges such as an unclear approval process for foreign direct investment (FDI), corruption, and a lack of transparency hinder the overall investment environment. The government is working to improve the situation by updating legal frameworks and addressing issues related to institutional capacity and investor protection.