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Grenada's FIU: Combating Financial Crimes

· 2 min read
Marcus Lee
Regulatory Compliance Advisor

Grenada's Financial Intelligence Unit: A Vital Watchdog Against Money Laundering and Financial Crimes​

The Financial Intelligence Unit (FIU) in Grenada is amplifying its endeavors to combat money laundering and financial crimes, playing a more prominent role in Grenada's law enforcement system.

Functions of the FIU​

The FIU's responsibilities are multifaceted, encompassing the following functions:

  • Receiving and analyzing suspicious transaction reports (STRs) and other information
  • Investigating financial crimes
  • Collaborating with domestic and international authorities

Powers Bestowed Upon the FIU​

One of the most significant powers granted to the FIU is the authority to seize proceeds of crime. This deterrent plays a pivotal role in preventing illegal financial activities and aiding in building robust cases against suspects.

Education and Prevention​

An integral part of the FIU's mission includes educating financial and business institutions on their responsibilities to detect, prevent, and deter money laundering and terrorist financing. The team also investigates matters arising from suspicious transactions, money laundering, terrorist financing, and other financial crimes.

Analysis of Suspicious Transactions​

When analyzing a suspicious transaction or activity report from a financial institution or listed business, the Head of the FIU has the discretion to request additional information. Following a thorough investigation, the Head of the FIU may submit a report to relevant law enforcement authorities for further investigation.

Collaborative Efforts​

The FIU is not limited to acting alone. It can cooperate and liaise with Grenada's OECS Central Bank, other government agencies, foreign authorities, and individuals with relevant information to improve intelligence analysis.

Compliance Requirements​

Financial institutions, relevant businesses, designated non-financial businesses, and professions are compelled to comply with the following stipulations under Grenada's Proceeds of Crime Act:

  1. Monitor transactions for suspicious activity
  2. Verify customer identities
  3. Maintain effective record-keeping
  4. Develop and implement a compliance program

The compliance program should include the following components:

  • A system of internal controls
  • Regular internal and external testing
  • Staff training
  • The appointment of a compliance officer

By joining forces and leveraging their unique powers, the Grenadian Financial Intelligence Unit and its partners are committed to a future where financial crimes no longer undermine the reputation of Grenada's thriving economy.