PARAMARIBO, Suriname, CMC – Three Surinamese banks have reached an out-of-court settlement with the Dutch Public Prosecution Service in a case regarding the release of the Euro19.5 million (One Euro=US$1.29 cents) that were seized by the Dutch authorities in 2018.
The Dutch authorities seized the funds at the Schiphol Airport in April 2018 on suspicion of money laundering. The shipment was en route to a bank in Hong Kong to exchange Euros for US dollars.
The Central Bank of Suriname carried out the transaction on behalf of several banks, including Hakrinbank, Republic Bank, De Surinaamse Bank, and Finabank.
Under the agreement, Hakrinbank will pay a fine of Euro 166,000 (1 EU = 1.29 cents). Finabank and De Surinaamsche Bank will each pay Euro124,500, according to a statement published on the website of the Public Prosecution Service in the Netherlands on Tuesday.
According to the Public Prosecution Service, the banks did not, in all cases, adequately investigate who the ultimate clients of the exchange offices that used their services were. As a result, there was a risk that funds of potentially unclear origin entered the financial system.
Banks play an important role in preventing money laundering and other financial crimes. They are expected to monitor financial flows and conduct customer due diligence to safeguard the integrity of the financial system.
Because the transport of money passed through Dutch territory, the case fell under the jurisdiction of the Dutch authorities. Combating money laundering is an international priority, partly because of its links to other forms of crime. In this context, countries and supervisory authorities cooperate to strengthen oversight and regulations.
In recent years, Suriname has taken steps to improve its regulations on money laundering and terrorism financing. In 2022, the Act on the Prevention and Combating of Money Laundering and Terrorism Financing was introduced, and evaluations by the Caribbean Financial Action Task Force indicate progress in this area.
Additionally, the banks involved have taken measures to strengthen their internal controls. These improvements relate to cash management, customer due diligence, and governance structures.
According to the Dutch authorities, the agreed settlements constitute an appropriate resolution of the facts. The seized funds will be returned to the banks involved.
In determining the amount of the fines, several factors were considered, including the size of the sums involved and the legal classification of the offense. Negligent money laundering is considered less serious than intentional or structural money laundering.
The age of the case also played a role in the decision. The OM found no evidence of intent and could not establish that the entire amount had a criminal origin. Therefore, an out-of-court settlement was chosen instead of criminal prosecution.
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