Financial Crime World

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Financial Crime Investigation Procedures in Grenada Receive Boost with New Website Launch

The Financial Intelligence Unit (FIU) of Grenada has launched its new website to provide a platform for financial institutions, designated non-financial businesses and professions, and other stakeholders to access critical information and updates on anti-money laundering and counter-terrorism financing matters.

Enhancing Collaboration and Cooperation

The new website is expected to enhance collaboration and cooperation with local, regional, and international partners in the fight against money laundering, terrorist financing, and other serious financial crimes. The Head of FIU emphasized that the initiative is part of efforts to prevent and detect money laundering, terrorist financing, and other serious financial crimes.

Key Features of the Website

The FIU’s new website will provide links to various levels for easy access to information on:

  • Trends related to anti-money laundering and counter-terrorism financing
  • Typologies of suspicious transactions
  • Current issues in the field

Additionally, the website will facilitate:

  • The receipt, retention, and analysis of suspicious transaction reports
  • The collection of other relevant information necessary for its functions
  • The seizure of proceeds of crime
  • Informing financial and business institutions of their obligations in detecting, preventing, and deterring money laundering and terrorist financing

Investigation Procedures

The FIU has outlined its investigation procedures, which include:

  • Analyzing suspicious transaction reports and activity reports from financial institutions and listed businesses
  • Requesting additional details within a specified timeframe if further information is required
  • Submitting reports to relevant law enforcement authorities for investigation into suspected money laundering offenses

Raising Awareness

The launch of the website coincides with an appearance by Grenada’s FIU on MTV’s RISE and SHINE program, aimed at raising awareness about the importance of financial crime investigation procedures in the country. The FIU aims to strengthen its existing platform for deeper collaboration and cooperation with local, regional, and international partners towards a secure financial sector.

By launching this new website, the FIU is taking another step towards ensuring that Grenada’s financial sector remains secure and transparent.