Financial Crime World

Title: Grenada’s Strides in Combating Money Laundering:Key Findings from the FATF Mutual Evaluation Report

Background

The Financial Action Task Force (FATF) has recently published its Mutual Evaluation Report on Grenada’s progress in implementing measures against Money Laundering and Countering Financing of Terrorism (AML/CFT). Here’s a look at the report’s insights into various sectors and Grenada’s ratings.

Grenada’s Ratings

According to the FATF report, Grenada’s ratings are as follows:

  • Risk Assessment & Risk-Based Approach (R.1): Partially Compliant
  • National Cooperation (R.2): Largely Compliant
  • Money Laundering Offenses (R.3): Compliant
  • Confiscation & Provisional Measures (R.4): Largely Compliant
  • Terrorist Financing Offenses (R.5): Compliant
  • Sanctions related to terrorism & proliferation (R.6-R.7): Not Evaluated
  • And more: R.8 - R.40

Key Findings

Risk Assessment & Risk-based Approach (R.1)

Grenada, according to the report, needs improvement in its approach to developing a strategic assessment of ML/TF risks.

National Cooperation (R.2)

Grenada has seen positive progress in this area, specifically in establishing a framework for international cooperation, particularly in cases of mutual legal assistance and extradition.

Money Laundering Offenses (R.3)

Grenada has made significant progress in implementing legal frameworks to prosecute ML offenses, such as the Proceeds of Crime Act 2010.

Other Noteworthy Points

  • Grenada has taken steps to improve the regulatory framework for Designated Non-Financial Business and Professions (DNFBPs).
  • The country has made strides in the regulation and supervision of financial institutions.
  • Grenada has established a Financial Intelligence Unit (FIU) to process, receive, and disseminate suspicious transaction information.
  • The report discusses areas for improvement—mainly implementation and enforcement of regulations.

Implications of the Report

The FATF Mutual Evaluation Report offers invaluable insights into Grenada’s progress regarding AML/CFT measures and serves as a foundation for ongoing efforts to strengthen its regime. Grenada’s next step is to address the recommendations presented in the report and remain committed to effectively tackling ML/TF risks.