Anti-Money Laundering and Terrorism Financing Guidelines Amended

The Anti-Money Launderling and Combating Terrorism Financing Commission has issued a new set of guidelines aimed at strengthening measures against money laundering and terrorism financing.

Strengthened Monitoring and Regulation

According to the amended guidelines, the Financial Intelligence Unit (FIU), the Commission, or the Central Bank will play a key role in monitoring and regulating financial institutions. The revised guidelines also clarify the roles and responsibilities of these entities in identifying and reporting suspicious transactions.

Improved Effectiveness

The amendments are designed to improve the effectiveness of Grenada’s anti-money laundering and combating terrorism financing regime. Changes include:

• Substitution of FIU, the Commission or Central Bank as the case may be for FIU or Commission in several sections of the guidelines.
• Revised explanations under sections 31, 41, 44, 47, 48, and 51 to reflect the new roles and responsibilities of FIU, the Commission or Central Bank.

Clarified Regulatory Framework

The amendments also clarify the regulatory framework for financial institutions and other entities regulated by the Commission or the Central Bank. This will help ensure that all parties understand their obligations and responsibilities in preventing money laundering and terrorism financing.

Enhanced Efforts Against Money Laundering and Terrorism Financing

The revised guidelines are expected to enhance Grenada’s efforts in combating money laundering and terrorism financing, and will come into effect immediately.

Note: The changes outlined above aim to strengthen the country’s anti-money laundering and combating terrorism financing regime, ultimately contributing to a safer financial environment.