Financial Crime World

Here is the converted article in Markdown format:

Grenada Regulates Money Laundering with New Compliance Requirements

St. George’s, Grenada - The government of Grenada has introduced new regulations to combat money laundering and terrorist financing in the country. The Financial Intelligence Unit (FIU) has been tasked with ensuring compliance with these regulations, which aim to prevent the misuse of financial systems for illegal activities.

New Requirements

According to Regulation 6, a Money Laundering Reporting Officer shall be responsible for ensuring that staff of relevant persons comply with provisions related to money laundering and terrorist financing. This includes:

  • Reporting suspicious transactions
  • Maintaining internal procedures to detect and prevent such activities

The regulation also requires relevant persons to establish written internal reporting procedures to identify and report suspicious transactions to the Money Laundering Reporting Officer. Additionally, staff training is mandatory to educate employees on the regulations, guidelines, and international conventions related to money laundering and terrorist financing.

Audits and Directives

Regulation 14 allows the FIU or designated persons to conduct audits to verify compliance with the regulations. The FIU may also issue directives to ensure compliance, which shall be published in the Gazette unless deemed confidential.

Education and Training

Regulation 16 requires relevant persons to provide education and training for their directors, partners, staff, and key personnel on the regulations, guidelines, and international conventions related to money laundering and terrorist financing.

Purpose and Enforcement

The new regulations are aimed at preventing the misuse of financial systems for illegal activities and ensuring compliance with regional and international standards. The FIU will play a crucial role in monitoring and enforcing these regulations, and relevant persons must ensure that they comply with the requirements to avoid penalties and reputational damage.

In related news, the government has announced plans to establish a Financial Intelligence Unit (FIU) to investigate and prevent financial crimes in the country. The unit is expected to be operational soon and will work closely with international authorities to combat money laundering and terrorist financing.