Financial Crime World

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Grenada Introduces New Anti-Money Laundering Regulations

St. George’s, Grenada - The Government of Grenada has introduced new anti-money laundering regulations aimed at preventing the financing of terrorist activities and other financial crimes.

New Regulations Take Effect

The regulations, which came into effect on [date], require financial institutions and other relevant persons to:

  • Establish procedures for reporting suspicious transactions
  • Provide training for staff on anti-money laundering and combating the financing of terrorism

Money Laundering Reporting Officer (MLRO)

A MLRO will be responsible for ensuring compliance with the provisions of the Proceeds of Crime Act, the Terrorism Act, and other relevant enactments. The MLRO will also act as a liaison between the relevant person and the Financial Intelligence Unit (FIU) in matters relating to compliance.

Financial Intelligence Unit (FIU)

The FIU has been empowered to:

  • Conduct inspections of financial institutions and other relevant persons to verify their compliance with the regulations
  • Issue directives and guidelines to ensure effective implementation of the regulations

Internal Reporting Procedures

Financial institutions are required to establish written internal reporting procedures for suspicious transactions, which will enable staff to report knowledge or suspicion of money laundering to the MLRO.

Staff Education and Training


Financial institutions must provide education and training for their staff on anti-money laundering and combating the financing of terrorism, including awareness of:

  • The provisions of the regulations
  • International conventions
  • Regional and international standards

Commitment to Transparency and Security

“These regulations are an important step in Grenada’s efforts to prevent money laundering and terrorist financing,” said [official name], Minister of Finance. “We are committed to ensuring that our financial system is transparent and secure, and these regulations will help us achieve that goal.”

Applicability

The new regulations apply to all financial institutions and other relevant persons operating in Grenada, including:

  • Banks
  • Insurance companies
  • Other financial intermediaries

Source

[Name of publication], [Date].