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Financial Crime Examples: Grenada Lags Behind International Standards

A recent report has highlighted several areas where Grenada falls short in its efforts to combat financial crime, including money laundering and terrorist financing. The island nation’s ratings on various technical requirements of the Financial Action Task Force (FATF) Recommendations have been deemed “partially compliant” or worse.

About FATF

The FATF is an intergovernmental organization that sets international standards for anti-money laundering and combating the financing of terrorism.

Key Areas of Concern

According to the report, Grenada needs improvement in several key areas:

• Money Laundering Offence
  • While Grenada has a money laundering offence in place, it is not considered sufficient by international standards.
• Confiscation and Provisional Measures
  • The country’s laws and regulations on confiscation and provisional measures are deemed insufficient to combat financial crime.
• Customer Due Diligence
  • Grenada’s approach to customer due diligence has been criticized for being too lenient.
• Reporting of Suspicious Transactions
  • The country’s system for reporting suspicious transactions is considered inadequate.

Consequences of Non-Compliance

Grenada’s non-compliance with international standards could have serious consequences, including:

• Increased risk of financial crime and corruption
• Damage to the country’s reputation as a financial hub
• Loss of foreign investment and revenue

Call for Action

The report highlights the need for Grenada to take immediate action to address these areas of concern. This includes:

• Strengthening its laws and regulations
• Improving its regulatory framework
• Enhancing its capacity to combat financial crime

By addressing these issues, Grenada can improve its ratings and reputation as a responsible player in the global financial system.