Financial Crime World

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Grenada’s Struggle Against Terrorist Financing: A Comprehensive Report

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The Financial Action Task Force (FATF) has released its Mutual Evaluation Report for Grenada, assessing the country’s efforts in preventing terrorist financing. The report highlights both successes and areas of improvement.

Implementation of FATF Recommendations

Grenada has made significant progress in implementing the technical requirements of the FATF Recommendations. Specifically, it was commended for:

  • Its risk-based approach (R.1)
  • Cooperation with other countries (R.2)

However, there are challenges in other areas:

Partial Compliance and Non-Compliance

Grenada was found to be partially compliant (PC) in the following areas:

  • Confiscation and provisional measures (R.4)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Correspondent banking (R.13)

It was also rated as non-compliant (NC) for its regulation and supervision of financial institutions (R.26).

Efforts to Address Challenges

Grenada has made efforts to address some of these issues, including:

  • Implementing new technologies (R.15)
  • Improving transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)

The report also praised Grenada for its internal controls and foreign branches and subsidiaries (R.18) and regulation and supervision of designated non-financial businesses and professions (DNFBPs) (R.28).

Areas for Improvement

Despite these efforts, Grenada still faces significant challenges in combating terrorist financing, including:

  • Money laundering offence (R.3)
  • Customer due diligence (R.10)
  • Reporting of suspicious transactions (R.20)

Conclusion

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While Grenada has made progress in preventing terrorist financing, it still has a long way to go. The country must continue to work towards implementing the FATF Recommendations fully and effectively to ensure its financial system remains secure and resilient.

International Cooperation

The report highlights that Grenada’s efforts are crucial not only for its own security but also for international cooperation against terrorism. By addressing these challenges, Grenada can help strengthen the global fight against terrorist financing and maintain its position as a reliable partner in the fight against terrorism.