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Government of Grenada Takes Steps to Combat Money Laundering

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The Government of Grenada has introduced new regulations aimed at strengthening its efforts to combat money laundering and terrorist financing. The Proceeds of Crime (Anti-Money Laundering and Terrorist Financing) Amendment Regulations, 2014, were gazetted on November 28th, 2014.

Enhanced Anti-Money Laundering Measures

The new regulations introduce several key changes aimed at preventing money laundering and terrorist financing:

• Appointment of a Money Laundering Reporting Officer: Financial institutions and other relevant persons will be required to appoint a senior management level officer who will be responsible for performing key functions related to anti-money laundering and terrorist financing.
• Access to Relevant Information: The appointed officer will have access to all relevant information and material of the financial institution or relevant person, in order to perform their duties effectively.

Commitment to International Standards

The introduction of these new regulations reflects the Government’s commitment to upholding international standards on anti-money laundering and combating terrorist financing. It also demonstrates its willingness to take proactive measures to protect the integrity of Grenada’s financial system and prevent it from being used for illicit activities.

A Safer Financial Environment for All

With the implementation of these regulations, Grenada is taking a significant step forward in strengthening its financial sector and promoting a safer and more secure environment for all stakeholders.