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Compliance with Anti-Money Laundering and Terrorist Financing Guidelines

In Grenada, entities and professionals are required to comply with the Procedural Code (Anti-Money Laundering and Terrorist Financing) Guidelines. This article summarizes the key points related to compliance, duties of the Financial Intelligence Unit (FIU), and the Commission.

Compliance Requirements

Key Points

• Every entity and professional must fully comply with the guidelines.
• They may adopt higher standards and systems of internal controls as per their risk-based methodology to reduce or mitigate identified money laundering or terrorist financing risks.

Additional Measures

• Entities and professionals are encouraged to implement additional measures to ensure compliance, such as:
  • Conducting regular risk assessments
  • Implementing effective internal controls and procedures
  • Providing training for employees on anti-money laundering and terrorist financing regulations

Duties of the Financial Intelligence Unit (FIU)

Key Responsibilities

• The FIU is the reporting authority in Grenada and acts under the guidance and direction of the Director.
• It must keep a record of reports received by it, including:
  • Date of the report
  • Person who made the report
  • Person to whom the report was forwarded
  • Reference for supporting evidence
  • Receipt of acknowledgment from the FIU

Action on Receipt of Report

• The FIU should promptly acknowledge the receipt of the report in writing, addressing it to the entity or professional who made the report.
• The FIU must assign it to an investigating officer and perform any necessary actions.

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