Summary:
In March 2023, the police raid several Suri-Change offices in the Netherlands after a year and a half of investigation into suspicions of money laundering, underground banking, and violating anti-money laundering and terrorist financing laws. Suri-Change, a financial institution specializing in money transfers without bank intervention, had collaborations with the police and two major banks, ABN Amro and ING. Both banks decided to terminate their relationships with Suri-Change. The case highlights concerns about the supervision of the money transfer sector by De Nederlandsche Bank and its vulnerability to money laundering. The police found that Suri-Change had handled substantial amounts of cash, making it a risk for underground banking activities.
Here are the key facts extracted from the provided text:
1. It is March 2023.
2. The police have raided several Suri-Change offices after a year and a half of investigation.
3. The investigation focuses on suspicions of money laundering, underground banking, and violating anti-money laundering and anti-terrorist financing laws.
4. Suri-Change had cooperated with the police in the past.
5. There were explosions at three Surinamese exchange offices in Amsterdam.
6. $413 billion was sent by migrants from developing countries to their countries of origin last year.
7. Suri-Change traditionally focused on Suriname but had a worldwide network.
8. Justice suspects that five people, four of whom are affiliated with Suri-Change, are guilty of money laundering.
9. The Public Prosecution Service has seized over forty properties suspected of involvement in criminal money.
10. Suri-Change denies guilt of criminal offenses.
11. There were multiple explosions at Suri-Change locations.
12. ABN Amro and ING banks have taken action against Suri-Change due to unusual transactions.
13. The police collaborated with Suri-Change in handling confiscated funds.
14. The police targeted Suri-Change in 2017 during a national action against money transfer companies.
15. Suri-Change cooperated with the police even during the ongoing investigation.
16. De Nederlandsche Bank (DNB) is responsible for supervising the money transfer sector but has limited capacity for it.
17. DNB estimated the risk of money transfer organizations to be low.
These facts provide an overview of the situation and investigation surrounding Suri-Change and its financial activities.