Suriname Country Summary

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's legal framework addresses corruption, but enforcement is inconsistent, with rare convictions despite recent anti-corruption legislation and the establishment of a commission. Corruption is prevalent in government procurement and other sectors, hindering foreign direct investment, while the country grapples with various criminal activities, including human trafficking, arms trafficking, and illegal logging. Although there are efforts to combat these issues, challenges such as entrenched corruption, weak law enforcement, and limited political will for reform persist.

Suriname's economy is primarily driven by the extractive industries, particularly gold mining and the emerging offshore oil sector, 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, lack of transparency, and an unclear investment approval process.

Suriname's investment climate is generally supportive of foreign investment, particularly favoring U.S. investors, with plans to update legal frameworks to enhance investor protection. However, challenges such as corruption, lack of transparency, and a discretionary approval process for foreign direct investment hinder its attractiveness. The offshore oil industry is a key focus for new investments, although significant barriers still exist, including an unclear concession process and institutional capacity constraints.