Grenada’s Financial Intelligence Unit Outlines Guidelines for Anti-Money Laundering and Terrorist Financing

Introduction

The Financial Intelligence Unit (FIU) in Grenada has released guidelines aimed at preventing money laundering and terrorist financing in the country. The guidelines come into effect immediately and outline the minimum requirements for all entities and professionals to comply with anti-money laundering and terrorist financing regulations.

Guidelines for Charities and Non-Profit Organizations

• Charities and non-profit organizations are not immune to abuse and must adopt due diligence measures to prevent their funds from being used for illegal activities.
• The FIU expects these organizations to apply the provisions of the guidelines with necessary modifications to ensure compliance.

Minimum Requirements for Entities and Professionals

• Every entity and professional is required to fully comply with the minimum requirements set out in the guidelines, which provide the framework for preventing money laundering and terrorist financing.
• Entities may adopt higher standards and systems of internal controls based on their risk-based methodology to reduce or mitigate identified risks.

Role of the Financial Intelligence Unit (FIU)

• The FIU has been designated as the reporting authority in Grenada and will act through the guidance and direction of its Director in matters relating to suspicious activity reports concerning money laundering and terrorist financing.
• The unit is required to keep a record of all reports received, which must contain specific information including:
  • Date of the report
  • Person who made the report
  • Any supporting evidence

Reporting Procedure

• Upon receipt of a report, the FIU will promptly acknowledge it in writing and assign it to an investigating officer for further action.

Purpose of the Guidelines

The guidelines are designed to ensure that Grenada’s financial system is not exploited by criminals or terrorists. The FIU encourages all entities and professionals to review the guidelines carefully and comply with their provisions to prevent money laundering and terrorist financing activities.

Contact Information

For more information, please contact the Financial Intelligence Unit at [insert contact details].