Grenada’s Financial Intelligence Unit Cracks Down on Charity Money Laundering
Strengthening Anti-Money Laundering and Anti-Terrorist Financing Regulations
In an effort to prevent charitable organizations from being used for money laundering and terrorist financing activities, the Financial Intelligence Unit (FIU) of Grenada has issued new guidelines for non-profit entities in the country. These guidelines aim to ensure that charities adopt strict due diligence measures to comply with anti-money laundering and anti-terrorist financing regulations.
Key Requirements
- Verify the identity of beneficiaries
- Report suspicious transactions
- Maintain accurate records of financial activities
Failure to comply with these guidelines could result in severe penalties, including fines and even criminal prosecution. The FIU emphasizes that charities are not immune to money laundering and terrorist financing activities and must take steps to prevent their organizations from being used for such purposes.
Importance of Transparency and Accountability
“We want to ensure that charitable organizations in Grenada are transparent and accountable in their financial activities,” said a spokesperson for the FIU. “These guidelines are designed to protect the integrity of our charitable sector and prevent it from being exploited by criminals.”
The guidelines also require charities to maintain high standards of internal control and risk management, and adopt a risk-based approach to preventing money laundering and terrorist financing.
Compliance Obligations
- Every entity and professional in Grenada is required to fully comply with these guidelines
- Entities may adopt higher standards and systems of internal control as they deem necessary to reduce or mitigate identified risks
The new guidelines have been welcomed by charity organizations in Grenada, who are committed to transparency and accountability in their financial activities.
Collaboration and Guidance
“We appreciate the efforts of the FIU to protect our sector from abuse,” said a spokesperson for the Grenada Charity Association. “We will work closely with the FIU to ensure compliance with these new guidelines and maintain the trust and confidence of our donors and stakeholders.”
The FIU is committed to providing guidance and assistance to charities and other non-profit organizations in Grenada, and encourages any questions or concerns to be directed to its office.
Conclusion
The new guidelines issued by the Financial Intelligence Unit (FIU) aim to strengthen anti-money laundering and anti-terrorist financing regulations for charitable organizations in Grenada. The FIU urges charities to adopt strict due diligence measures to prevent their organizations from being used for money laundering and terrorist financing activities.