Financial Crime World

Grenada Customs Enhances Legislative Framework with New Know-Your-Customer Policy

A Significant Step Towards Efficiency and Transparency

St George’s, Grenada - The Government of Grenada has taken a significant step towards enhancing its customs services by implementing a new Know-Your-Customer (KYC) policy. Effective May 25, 2018, the revised policy aims to streamline operations and maximize revenue collection at the country’s ports of entry.

Key Highlights of the Revised Policy

The updated legislation, known as SRO 13 of 2018, is an amended version of the original SRO 17 of 1961, which was outdated by the Customs Act of 2015. The new regulation brings Grenada in line with international standards and ensures that all stakeholders - including brokers, agents, and traders - operate under a clear and transparent framework.

Objectives of the Revised Policy

The revised policy has been developed as part of an ongoing customs reform agenda, initiated by the government in collaboration with the International Monetary Fund (IMF). The goal is to:

  • Improve customer service
  • Enhance compliance
  • Increase revenue collection at Grenada’s ports of entry

Key Sections of the Revised Policy

Under the new regulation, several key sections have been added or modified to reflect the current operating environment. These include:

  • Obligations related to the Customs Computerized System
  • Customs Declarations
  • Inward and Outward Reporting
  • Warehousing
  • Payment for Additional Services

Implementation and Support

To facilitate a smooth transition, the Customs Division has established an implementation team to educate stakeholders about the new policy. The team will also monitor the process and provide support as needed.

Availability of the Revised Policy

The government is urging all concerned parties to familiarize themselves with the revised policy, which is available for purchase at the Government Printery.

Benefits of the New KYC Policy

The introduction of this new KYC policy is expected to bring numerous benefits to Grenada’s customs services, including:

  • Improved efficiency
  • Enhanced transparency
  • Increased revenue collection

As the country continues to evolve its customs framework, it is clear that the government is committed to providing a world-class experience for all stakeholders involved.