Financial Crime World

Grenada’s Financial Institutions Face Scrutiny: Compliance Report Reveals Mixed Results

A recent report has shed light on the financial institutions of Grenada, revealing a mixed bag when it comes to compliance with international anti-money laundering and counter-terrorism financing standards. The report, which assesses the country’s progress in implementing the Financial Action Task Force (FATF) Recommendations, shows that while some areas require significant improvement, others have made notable strides.

Progress Made

According to the report, Grenada has made substantial progress in several key areas, including:

  • Identifying and mitigating higher-risk countries
  • Regulating and supervising financial institutions, including designated non-financial businesses and professions (DNFBPs)

Areas for Improvement

However, other critical areas remain a concern, including:

  • Confiscation of assets related to money laundering and terrorist financing
  • Transparency in relation to beneficial ownership of legal persons and arrangements

The report highlights that Grenada is partially compliant (PC) with many of the FATF Recommendations, indicating that while progress has been made, there are still significant gaps to be addressed. In some cases, the country is even non-compliant (NC), requiring urgent attention from regulators and financial institutions.

Recommendations

The report concludes that Grenada remains committed to improving its anti-money laundering and counter-terrorism financing regime. Regulators and financial institutions are urged to:

  • Continue their efforts to address remaining gaps
  • Ensure full compliance with international standards

FATF Recommendations

The FATF Recommendations provide a framework for countries to implement effective measures to prevent money laundering and terrorist financing. This report serves as a critical assessment of Grenada’s progress in achieving these goals.

By addressing the challenges identified in this report, Grenada can strengthen its financial system and reduce the risk of money laundering and terrorist financing.