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 recent legislative efforts, including the establishment of an anti-corruption commission. A new decree aims to enhance transparency in public officials' financial disclosures, yet there are still no regulations addressing conflicts of interest in government contracts. Corruption remains a significant barrier to foreign direct investment, particularly in public procurement and licensing, highlighting the need for stronger regulatory frameworks.

Suriname's economy is primarily driven by the extractive industries, particularly gold and oil, which attract significant foreign direct investment (FDI). The government is working to stabilize the economy through reforms supported by the International Monetary Fund (IMF), aiming for a projected growth of three percent in 2024, while addressing issues such as inflation and public debt. Despite these efforts, challenges remain, including corruption and a lack of transparency in the investment approval process.

Suriname's investment climate is officially supportive of both local and foreign investments, particularly favoring U.S. investors with experience in developing countries. However, the investment regime has not seen significant changes since 2013, with concerns about discretionary approval processes, corruption, and a lack of transparency impacting investor confidence. While opportunities exist in sectors like oil and gas, mining, and agriculture, challenges such as unclear concession processes and institutional capacity constraints remain prevalent.