Third Terzol Power Dinner

On Thursday, May 9, ’19 Terzol Vastgoed NV presented its third “Power Dinner.
Discussion topics included the urgent Compliance requirement for non-financial service providers and the impact of ground rent -and ground lease issues on ground leases.
The group of non-financial service providers in attendance included fellow brokers, appraisers, notaries and lawyers. Urgent Compliance Need Joel Terzol, CEO of Terzol Vastgoed NV, opened the evening with a short speech to those present.
In it he highlighted the immediate need for the sector to become compliant.
Drs.
Winston Wilson, Public Administration expert and Partner TABTO Group NV, was the second speaker.
In his presentation, he clarified topics such as the upcoming National Risk Assessment (NRA) in 2019 and upcoming review by the CFATF in mid-2020.
Suriname joined the CFATF countries in the year 1998.
As of September 2002, money laundering has been criminalized under Surinamese law by the MOT/WID Act.
The ML Act not only criminalizes intentional ML (Article 1 – “Knowing”), but also makes culpable money laundering based on reasonable suspicion (Article
3) and habitual laundering (habitual laundering) (Article 2) a criminal offense under Surinamese law.
Suriname falls under the sister institution of the CFATF, FATF (Financial Action Task Force), which in turn has under its wing the FIU (Financial Intelligence unit) Suriname.
The FIU for Suriname is the “MOT (Meldpunt Ongebruikelijke Transacties – Office for the Disclosure of Unusual Transactions).
It was established as a central and autonomously functioning administrative type FIU by the Act of September 5, 2002 (the MOT Act -O.G.2002, n ° 65).
The MOT is responsible for processing the reports received from the service providers subject to the reporting obligation for unusual transactions according to objective or subjective criteria, supplemented by the information MOT can collect from the reporting authorities and from all administrative and law enforcement state agencies.
It is also the receiving point of the suspicious activity reporting supervisor and government agencies are required by law to pass on to the FIU.
When there is reasonable suspicion that the data is indicative of or relevant to, money laundering or money laundering or related activity, it must be transmitted to prosecuting authorities.
However, the FIU mandate does not apply to TF-related information.
Suriname received a list of 40+9 (special) recommendations at its first NRA in 2001 according to international FATF standards.
The FATF recommendations provide a comprehensive and consistent framework of measures that countries must implement to combat money laundering and terrorist financing, as well as financing the proliferation of weapons of mass destruction.
Countries have different legal, administrative and operational frameworks and different financial systems, and thus cannot all take the same measures to deal with these threats. The FATF recommendations therefore set an international standard, which countries must implement through measures adapted to their specific circumstances.
Unfortunately, to date, only 9 of the 40 recommendations have been achieved.
Based on the above findings, according to Terzol, there is an urgent need to create awareness among the sectors covered by the MOT/WID Act, especially the Financial and Non-Financial Service Providers.
Only after this awareness will it be possible to make the companies compliance proof.
According to Wilson and Terzol, Corruption has a direct correlation with poverty, i.e. the more corruption occurs in a country, the higher the poverty rates will be.
A good example of this can be found with our neighboring country Guyana.
Guyana was blacklisted in 2012 because of the country’s high level of corruption and consequent failure to achieve the NRA.
This caused huge economic consequences.
Guyana also passed MOT/WID laws after this, among other things, and was recently removed from the blacklist.
The consequence is therefore immediately reflected in the tremendous economic growth this country is now experiencing.
Guyana’s economic growth is estimated to reach 300-1000% as early as 2020.

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