Financial Crime World

Grenada’s Financial Intelligence Unit Launches Website to Combat Financial Crimes

In an effort to increase transparency and collaboration in the fight against financial crimes, the Financial Intelligence Unit (FIU) of Grenada has launched a website providing valuable information and updates on anti-money laundering and counter-terrorist financing matters.

Strengthening Partnerships

The FIU is responsible for preventing and detecting money laundering, terrorist financing, and other serious financial crimes. By launching this website, the unit aims to strengthen its partnership with local, regional, and international stakeholders. According to the head of the FIU, collaboration is crucial in achieving a secure financial sector.

Key Responsibilities

The FIU’s key responsibilities include:

  • Receiving, retaining, and analyzing suspicious transaction reports
  • Collecting other relevant information necessary for performing its functions
  • Seizing proceeds of crime
  • Informing financial and business institutions of their obligations in detecting, preventing, and deterring money laundering and terrorist financing

Handling Suspicious Transactions

In cases where a suspicious transaction report is received, the FIU may request further information from financial institutions or listed businesses within a specified timeframe. If necessary, the unit can submit a report to relevant law enforcement authorities for investigation into possible money laundering offenses or proceeds of crime.

Promoting Transparency and Education

The launch of the website marks an important milestone in Grenada’s efforts to combat financial crimes and promote transparency in the financial sector. The FIU has also made appearances on local television programs such as MTV’s RISE and SHINE, further emphasizing its commitment to awareness and education on anti-money laundering and counter-terrorist financing matters.

By providing this valuable information and resources, the FIU aims to increase collaboration and transparency in the fight against financial crimes. The website is an important tool for stakeholders to access relevant information and stay informed about anti-money laundering and counter-terrorist financing efforts in Grenada.