AML evaluation 2027: legislative amendments must be ready by 15 January at the latest

The AML evaluation 2027 requires timely legislation and demonstrable results, according to the Anti Money Laundering Task Force. The Standing Parliamentary Committee on Finance and Planning of De Nationale Assemblée (DNA, Suriname’s parliament) was informed on Monday, October 5, about the steps Suriname must take in the coming period.

Chair of the AML Task Force, Jennifer van Dijk Silos, together with experts, provided an explanation of the current state of affairs. Two important components of the international assessment were central: technical compliance and effectiveness. The question is therefore not only whether Suriname has the required laws and regulations, but also whether these are actually applied.

The international standards make a clear distinction between both components. Technical compliance assesses whether a country has the necessary legislation, regulations and institutional arrangements. Effectiveness examines whether these measures function in practice and actually produce results.

AML evaluation 2027 requires demonstrable results

For Suriname, this means that having laws alone is not sufficient. The country must also be able to demonstrate that institutions implement the rules and that the approach to money laundering, terrorist financing and other financial risks produces measurable results. According to the Task Force, reliable statistics can play an important role in this.

This approach is in line with the international assessment methodology of the Financial Action Task Force. This looks not only at the existence of legislation, but above all at whether measures are actually used and contribute to protecting the financial system.

Suriname must not only have rules, but must also be able to demonstrate that they work in practice.

Legislative amendments must reach DNA in time

An important part of the preparation is amending and adopting various laws. The AML Task Force is working on this with several involved bodies, including DNA. Parliament has an important responsibility, as necessary legislative amendments must ultimately be considered and approved by DNA.

During the meeting, it was therefore discussed that a clear schedule is needed in advance for committee review and the subsequent public consideration of the various legislative products. According to the information provided to the committee, the required legislative amendments must be available no later than January 15.

Suriname previously made progress

Suriname has been working for several years to improve its system against money laundering and terrorist financing. International follow-up assessments show that the country has made progress in various technical areas. At the same time, Suriname remained under enhanced follow-up, with the effectiveness of the system in particular remaining an important point of attention.

In a follow-up assessment for 2025, Suriname received higher ratings on several FATF recommendations. Various components were upgraded to largely compliant or compliant. The international assessment thus shows that improvements in legislation have produced results, while demonstrating the system’s practical functioning remains important.

Effectiveness remains an important point of attention

It is precisely the latter that is relevant with regard to the AML evaluation 2027. The FATF assesses effectiveness based on concrete results in various areas. These include supervision, financial intelligence, investigations, prosecutions, international cooperation and measures against terrorist financing.

Attention has also previously been drawn within Suriname to this difference between regulations and practical implementation. Key News previously reported on concerns within the financial sector about preparations for the new National Risk Assessment. It was emphasised that a risk assessment should not be treated merely as an administrative obligation, but as the basis for a structural approach.

DNA receives important role towards 2027

For parliament, the process means that several bills may need to be considered within a relatively short period. Space must be made for committee review, consultations with experts and stakeholders, and ultimately public consideration and a vote.

The parliamentary committee informed during the meeting consisted of chair Rabindre Parmessar and members Asiskumar Gajadien, Rossellie Cotino, Jennifer Vreedzaam and Kishan Ramsukul. Ingrid Bouterse Waldring, Steven Reyme and Krishnakoemarie Mathoera were present as observers.

International standards for the financial system

The international AML standards are important for Suriname’s position within international financial transactions. The assessments focus on protecting financial systems against misuse for, among other things, money laundering and terrorist financing. Countries must provide evidence themselves that their systems function.

For Suriname, this means that the coming period will not be focused exclusively on new legislation. Government agencies, supervisors, financial institutions, investigative services and other involved organisations must also be able to provide data and results showing how the rules are implemented in practice.

The work of DNA and the AML Task Force in the coming months will therefore partly determine how Suriname further prepares for the international assessment in 2027. In particular, the deadline for legislative amendments and the collection of demonstrable results make the coming period important for the national AML process.