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Grenada’s Anti-Money Laundering Guidelines: Charities and Non-Profit Organizations Must Comply

The Financial Intelligence Unit (FIU) in Grenada has issued guidelines for charities and non-profit organizations, emphasizing their responsibility to prevent money laundering and terrorist financing activities.

According to the guidelines, these entities are not immune to abuse and must adopt due diligence measures outlined in the document to ensure compliance. Charities and similar institutions are expected to apply the provisions of the guidelines with necessary modifications, seeking advice from the FIU where there is uncertainty.

Key Responsibilities

• Charities and non-profit organizations should expect their laws, policies, and guidelines to be reviewed regularly to verify compliance with obligations and prevent misuse for money laundering and terrorist financing purposes.
• They must bring any suspicious activity to the attention of the FIU, enabling the unit to guide and assist them in preventing such activities.

Compliance Obligations

The guidelines require every entity and professional to fully comply with the minimum standards set out in the document. Entities and professionals may adopt higher standards and systems of internal controls commensurate with their risk-based methodology to reduce or mitigate identified money laundering or terrorist financing risks.

FIU Responsibilities

• The FIU is responsible for reporting suspicious activities concerning money laundering and terrorist financing, acting under the guidance of the Director.
• The unit must keep a record of reports received and contain specific information in each record.
• Upon receipt of a report, the FIU must acknowledge it in writing to the entity or professional that made the report and assign it to an investigating officer. The FIU must also provide supporting evidence and receive acknowledgment from the recipient.

Conclusion

The guidelines serve as a reminder to charities and non-profit organizations in Grenada of their critical role in preventing money laundering and terrorist financing activities. Compliance with these guidelines is essential to ensure that these entities do not contribute to such illicit activities. The FIU will play a crucial role in guiding and assisting these organizations in meeting their compliance obligations.

Sources

• Grenada’s Financial Intelligence Unit, “Anti-Money Laundering Guidelines: Charities and Non-Profit Organizations” (2012)