Grenada Faces Calls for Improved AML and Sanctions Compliance

Introduction

A recent evaluation report by the Caribbean Financial Action Task Force (CFATF) has highlighted areas of concern in Grenada’s Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT)/Counter-Proliferation Financing (CPF) framework.

The Evaluation Report

Released following a virtual CFATF Plenary in June 2022, the report assesses the effectiveness of Grenada’s AML/CFT system as it stood on June 14-25, 2021. The evaluation takes into account the country’s level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and provides recommendations for strengthening its AML/CFT framework.

Key Findings

• Grenada has made progress in some areas, but there are still concerns that need to be addressed in order to maintain a robust and effective AML/CFT system.
• The CFATF is urging the country’s authorities to implement the necessary reforms to strengthen its AML/CFT regime and prevent financial crimes.

Recommendations for Reform

The report provides specific recommendations for Grenada to improve its AML/CFT framework, including:

• Enhancing customer due diligence and risk assessment processes
• Improving the effectiveness of its anti-money laundering agency
• Strengthening cooperation with international partners to combat financial crime