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Anti-Money Laundering and Terrorist Financing Guidelines for Grenada

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Compliance Obligations

Every entity and professional must comply with the guidelines set forth by the Proceeds of Crime (Anti-Money Laundering and Terrorist Financing) Act, which establish minimum requirements for anti-money laundering and terrorist financing.

• Entities and professionals are expected to adopt higher standards and systems of internal controls based on their risk-based methodology to reduce or mitigate identified risks.
• By adopting more stringent measures, entities and professionals can demonstrate a commitment to combating money laundering and terrorist financing activities.

Duties of the Financial Intelligence Unit (FIU)

The FIU is responsible for receiving and processing reports related to suspicious activity concerning money laundering and terrorist financing. The Director provides guidance and direction to the FIU in matters related to these reports.

• The FIU must maintain a record of all reports received, which should include:
  • Date of report
  • Person who made the report
  • Any person to whom the report was forwarded
  • Reference by which supporting evidence is identifiable
  • Receipt of acknowledgement from the FIU

FIU’s Response to Reports

Upon receiving a report, the FIU should promptly acknowledge receipt in writing and assign it to an investigating officer. The FIU will also provide guidance and assistance to prevent the entity or professional being used for money laundering and/or terrorist financing purposes.

• The FIU’s response is designed to support entities and professionals in their efforts to combat money laundering and terrorist financing activities.
• By working together, we can reduce the risk of these illicit activities and protect our financial system.