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Grenada Faces Scrutiny Over Fraudulent Activities in Finance

A recent report has raised concerns about Grenada’s compliance with global anti-money laundering (AML) and combating terrorist financing (CFT) standards, highlighting several areas where the island nation falls short.

Challenges in Combating Fraudulent Activities

The report assessed Grenada’s progress in implementing the Financial Action Task Force (FATF) Recommendations and found that while the country has made some improvements, it still faces significant challenges in combating fraudulent activities in its financial sector. Specifically:

• Lack of Effective Measures: The report highlighted concerns about Grenada’s lack of effective measures to prevent money laundering and terrorist financing through non-profit organizations.
• Inadequate Customer Due Diligence: Grenada was found to have failed to implement adequate customer due diligence requirements for financial institutions.

Ratings and Concerns

The report also noted that Grenada received a rating of “non-compliant” in several areas, including:

• Financial Institution Secrecy Laws
• Regulation of Digital Currencies

Despite these challenges, the report acknowledged some progress made by Grenada in implementing targeted financial sanctions related to terrorism and terrorist financing, as well as efforts to improve cooperation with other countries to combat financial crime.

Government Response

Grenada’s government has promised to take steps to address the concerns raised in the report and improve its compliance with global standards. In a statement, the authorities said:

“We are committed to working with international partners to strengthen our AML/CFT regime and ensure the integrity of our financial system.”

The findings of the report have raised concerns among international financial institutions and governments, which are increasingly focused on combating fraudulent activities in the global financial sector.