Financial Institutions in Grenada Face Scrutiny Over Anti-Money Laundering Efforts

CFATF Publishes Mutual Evaluation Report

The Caribbean Financial Action Task Force (CFATF) has published a Mutual Evaluation Report highlighting the anti-money laundering and counter-terrorist financing measures in place in Grenada. The report, adopted virtually in June 2022, summarizes the country’s efforts to combat financial crime as of an on-site visit in June 2021.

Assessment of Compliance

The evaluation assesses Grenada’s compliance with the FATF 40 Recommendations, a set of global standards aimed at preventing the misuse of its financial system. The report also examines the effectiveness of the country’s anti-money laundering and counter-terrorist financing system, identifying areas for improvement and providing recommendations for strengthening it.

Progress Made, but Concerns Remain

According to the report, Grenada has made progress in implementing anti-money laundering measures, but there are still concerns about the effectiveness of its systems and the need for further improvements. The report highlights several key issues, including:

• Inadequate resources and supervision of financial institutions
• Lack of public awareness about money laundering and terrorist financing risks

Global Concerns

The CFATF’s findings come amid growing global concerns about financial crime and the need for countries to strengthen their anti-money laundering efforts. Grenada’s financial institutions are under increasing pressure to ensure that they are doing enough to prevent money laundering and terrorist financing.

Government Urged to Take Action

Grenada’s government is being urged to take action to address the issues identified in the report. The full report is available on the CFATF website for those who want to learn more about the anti-money laundering efforts of Grenada’s financial institutions.