Financial Sanctions Enforcement in Grenada Takes Center Stage

The Financial Intelligence Unit (FIU) of Grenada has launched a new website aimed at strengthening its collaboration and cooperation with local, regional, and international partners to prevent and detect money laundering, terrorist financing, and other serious financial crimes.

Interactive Platform

The FIU’s Head notes that the new platform is designed to be interactive and user-friendly, providing access to pertinent information and updates on trends, typologies, and current issues related to anti-money laundering and counter-terrorism financing matters. The site also includes supporting links to facilitate communication at different levels.

Objectives

The FIU’s main objectives include:

• Receiving, retaining, and analyzing suspicious transaction reports
• Collecting other relevant information
• Seizing proceeds of crime
• Informing financial institutions of their obligations
• Investigating matters arising from suspicious transactions

Authority to Request Further Information

The Head of the FIU has the authority to request further information from financial institutions or listed businesses in cases where a suspicious transaction is reported. If necessary, the FIU may submit a report to law enforcement authorities for investigation into potential money laundering offenses.

Recent Efforts

The FIU’s efforts were recently featured on MTV’s RISE and SHINE program, highlighting its commitment to securing Grenada’s financial sector. Through this initiative, the unit aims to deepen collaboration with local stakeholders and strengthen international partnerships to combat financial crimes.

By launching this new website, the FIU demonstrates its dedication to staying ahead of the curve in the fight against financial crime, ensuring a safer and more secure financial environment for citizens and businesses alike.