Financial Crime World

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Grenada Falls Short on Terrorist Financing Laws, Report Reveals

A recent report by the Financial Action Task Force (FATF) has highlighted several areas where Grenada’s laws and regulations related to terrorist financing fall short of international standards.

Key Findings

The Mutual Report 2022 assesses Grenada’s compliance with global anti-money laundering and combating the financing of terrorism (AML/CFT) requirements. According to the report, Grenada is partially compliant in several key areas, including:

  • Preventing Terrorist Financing and Money Laundering: Grenada has failed to implement adequate measures to prevent these illegal activities.
  • Risk Assessment: The country received a low rating for its laws and regulations related to assessing risk.
  • National Cooperation and Coordination: Grenada’s national cooperation and coordination efforts were also found to be lacking.
  • Confiscation and Provisional Measures: The report noted that the country’s confiscation and provisional measures are not fully compliant with global standards.

Non-Compliance Issues

Grenada was also found to be non-compliant in certain aspects of:

  • Targeted Financial Sanctions: The country has failed to implement effective targeted financial sanctions related to terrorism and terrorist financing.
  • International Instruments: Grenada’s laws are not fully compliant with international instruments and mutual legal assistance.

Financial Institution Secrecy Laws

The report also noted that Grenada’s financial institution secrecy laws are not fully compliant with global standards.

Positive Progress

On a positive note, Grenada has made some progress in implementing:

  • Customer Due Diligence Measures: The country has improved its customer due diligence measures.
  • Reporting Suspicious Transactions: Grenada has also strengthened its reporting of suspicious transactions.

Recommendations

The FATF recommendations aim to prevent the misuse of financial systems for illicit purposes and promote transparency and cooperation between countries. In light of these findings, Grenada’s government is urged to take immediate action to address the identified shortcomings and bring its laws and regulations in line with international best practices.

Conclusion

The Mutual Report 2022 serves as a guide for countries to strengthen their AML/CFT frameworks and ensure compliance with global standards. It is essential that Grenada takes swift action to address these deficiencies and uphold its commitment to combating terrorist financing and money laundering.