Suriname banks reach settlement with the Dutch Public Prosecution Service

Three Surinamese banks – Hakrinbank, Republic Bank, De Surinaamse Bank, and Finabank – have reached an out-of-court settlement with the Dutch Public Prosecution Service regarding €19.5 million seized at Schiphol Airport in April 2018. The funds were en route to Hong Kong for currency exchange and were seized on suspicion of money laundering. The Dutch authorities determined the banks did not sufficiently investigate the ultimate clients of exchange offices using their services, posing a risk of illicit funds entering the financial system.

Hakrinbank will pay a fine of €166,000, while Finabank and De Surinaamsche Bank will each pay €124,500. The Public Prosecution Service stated that while banks play a crucial role in preventing financial crime through monitoring and due diligence, they found no evidence of intent to launder money and could not prove the funds’ criminal origin.

Suriname has been improving its regulations regarding money laundering and terrorism financing, including the introduction of a new Act in 2022 and positive evaluations from the Caribbean Financial Action Task Force. The banks involved have also strengthened their internal controls, and the seized funds will be returned following the settlements, which the Dutch authorities consider an appropriate resolution.

(Source：Jamaica Observer)