Financial Crime World

Grenada Ranked 10th Lowest Risk Index for Money Laundering and Terrorist Financing in Latin America

A Robust Financial System and Strong Anti-Money Laundering Regulations

Grenada has scored an impressive 4.97 out of 5 in its index score for 2023, according to a recent report by the Basel AML Index. This marks a slight increase from the previous year’s score of 4.91. The island nation has also secured the 10th lowest risk index for money laundering and terrorist financing in Latin America.

The Basel AML Index: A Comprehensive Composite Index

The Basel AML Index is a comprehensive composite index that combines 16 key indicators to gauge the level of risk posed by money laundering and terrorist financing in various countries. The index draws on publicly available data from reputable sources such as:

  • Financial Action Task Force (FATF)
  • Transparency International
  • World Bank
  • World Economic Forum

Grenada’s Progress: A Testament to its Robust Financial Systems and Strict Anti-Money Laundering Regulations

Grenada’s high ranking on the index is a testament to its robust financial systems and strict anti-money laundering regulations. The country has implemented various measures to prevent and detect money laundering activities, including:

  • Customer due diligence requirements
  • Ongoing monitoring of transactions

Room for Improvement: Strengthening Anti-Money Laundering Framework and Increasing International Cooperation

While Grenada’s score is commendable, experts note that there is still room for improvement in terms of strengthening its anti-money laundering framework and increasing international cooperation with other countries to combat financial crimes.

A Positive Indicator for a Safe and Stable Financial Environment

Grenada’s progress on this front serves as a positive indicator for its efforts to maintain a safe and stable financial environment. As the global fight against money laundering and terrorist financing continues to evolve, it is essential for countries like Grenada to remain vigilant and proactive in their efforts to prevent these types of financial crimes.

The Basel AML Index: Providing Valuable Insights for Policymakers and Regulators

The Basel AML Index provides valuable insights for policymakers and regulators to refine their strategies and ensure that they are adequately equipped to tackle emerging threats in the financial sector.