Grenada’s Anti-Money Laundering and Terrorist Financing Guidelines for Charities and Non-Profit Organizations

Introduction

The Financial Intelligence Unit (FIU) of Grenada has issued new guidelines aimed at ensuring that charities and non-profit organizations in the country comply with anti-money laundering and terrorist financing regulations.

Compliance Requirements

• Charities and similar institutions are not immune to money laundering and terrorist financing activities and must adopt necessary due diligence measures to ensure compliance.
• Identify suspicious transactions and report them to the FIU.
• Expect regular reviews of laws, policies, and guidelines to verify compliance with anti-money laundering and terrorist financing obligations.

Consequences of Non-Compliance

• Failure to comply with these guidelines can result in severe consequences, including:
  • Fines
  • Closure of the institution
• Entities and professionals are required to fully comply with the minimum requirements outlined in the document.

Best Practices

• Adopt higher standards and systems of internal controls commensurate with your risk-based methodology to reduce or mitigate identified money laundering or terrorist financing risks.

Responsibilities of the FIU

• Receive and review reports of suspicious activities related to money laundering and terrorist financing.
• Keep a record of all reports received, including:
  • Date
  • Person making the report
  • Supporting evidence
• Upon receipt of a report:
  • Promptly acknowledge receipt in writing
  • Assign it to an investigating officer

Importance of Compliance

These guidelines are part of Grenada’s efforts to combat money laundering and terrorist financing and ensure that all organizations operating within its borders comply with international standards.