Grenada Takes Strides to Prevent Money Laundering

Grenada has been taking concrete steps to prevent money laundering in the country. The government’s efforts are aimed at combating financial crimes and adhering to international standards and regulations.

International Recognition of Grenada’s Efforts

According to the Financial Action Task Force (FATF) ratings, which assess the effectiveness of countries’ anti-money laundering frameworks, Grenada has scored well on several fronts. The FATF report highlights areas where Grenada is “compliant” or “largely compliant”, indicating a strong commitment to combating financial crimes.

Key Areas of Improvement

Grenada has shown significant improvement in assessing risk and applying a risk-based approach (R.1). Banks have been working closely with the government to identify high-risk customers and transactions, ensuring that adequate measures are taken to prevent money laundering.

Some key areas where Grenada needs to improve include:

• Record-keeping requirements (R.11): While the country has made progress in implementing customer due diligence (R.10), it still needs to strengthen its record-keeping requirements.
• Internal controls and foreign branches and subsidiaries (R.18): Grenada needs to enhance its internal controls and foreign branches and subsidiaries.
• Beneficial ownership of legal persons (R.24) and legal arrangements (R.25): The government has announced plans to enhance transparency and beneficial ownership of legal persons and legal arrangements.

Government’s Strategy

The government of Grenada is committed to working closely with banks and financial institutions to ensure that they adhere to international standards. An official stated, “We are committed to working closely with banks and financial institutions to ensure that they adhere to international standards. We will continue to monitor their progress and provide guidance and feedback where necessary.”

Future Prospects

As Grenada continues to strengthen its anti-money laundering framework, it is expected that the country will become an attractive destination for legitimate businesses and investors. The government’s efforts to combat financial crimes are likely to pay off in the long run, as they contribute to a more stable and secure economy.