Financial Crime World

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Grenada’s Financial Institutions Fall Short on Anti-Money Laundering Measures, Report Finds

A recent report has revealed that Grenada’s financial institutions have failed to fully implement anti-money laundering (AML) programs, falling short of international standards set by the Financial Action Task Force (FATF).

Partial Compliance with Key Requirements

The report assesses the country’s progress in implementing AML measures and shows that Grenada’s financial institutions are only partially compliant with several key requirements. The majority of the 40 requirements assessed were met only partially, with a few being largely or non-compliant.

Areas of Concern

  • Assessing Risk and Applying a Risk-Based Approach (R.1): The report notes that the country’s financial institutions lack adequate procedures for identifying and assessing risks associated with money laundering and terrorist financing.
  • National Cooperation and Coordination (R.2): The report finds that Grenada lacks effective mechanisms for sharing information between law enforcement agencies and financial institutions.
  • Confiscation and Provisional Measures (R.4), Money Laundering Offence (R.3), and Financial Institution Secrecy Laws (R.9): These areas also showed weaknesses in the report.

Progress Made

On a more positive note, the report noted that Grenada’s financial institutions have made some progress in implementing measures to prevent money laundering and terrorist financing, such as:

  • Targeted Financial Sanctions Related to Terrorism and Terrorist Financing (R.6)
  • Correspondent Banking (R.13)

Overall Finding

The overall finding is that Grenada’s financial institutions need to do more to strengthen their AML programs and bring them in line with international standards.

Call to Action

The report’s findings are a wake-up call for Grenada’s financial institutions, which must take immediate action to address the weaknesses identified and improve their AML measures. Failure to do so could lead to reputational damage and even sanctions from international organizations.