GRENADA STRENGTHENS FINANCIAL SECTOR WITH STRONGER ANTI-MONEY LAUNDERING AND SANCTIONS COMPLIANCE

Enhancing AML/CFT Supervision in Grenada

St. George’s, Grenada - The Financial Services Authority (FSA) of Grenada has intensified its anti-money laundering (AML) and counter-financing of terrorism (CFT) supervision to safeguard the country’s financial sector against illicit activities.

Key Measures for Compliance

• Guidance on Regulations: The FSA provides guidance on laws such as:

  • Financial Services Authority Act 2011
  • Proceeds of Crime Act 2013
  • Anti-Money Laundering Regulations and Code

• Risk-Based Approach: AML/CFT supervision is conducted using both off-site and on-site activities to ensure that financial institutions are equipped to identify and address potential threats.

Promoting International Standards

To promote international standards and best practices, the FSA has issued guidelines for:

• Simplified Due Diligence: Enhancing transparency and accountability in non-bank financial institutions.
• Institutional Risk Assessments: Conducting risk assessments to ensure compliance with AML/CFT regulations.

Strengthening Economic and International Relations

Grenada’s efforts to strengthen AML/CFT compliance are a positive step towards protecting its economy and reputation, while also bolstering its relationship with international partners and institutions.