Grenada Financial Institutions Strengthen Compliance with New Website Launch
The Financial Intelligence Unit (FIU) of Grenada has launched a new website aimed at enhancing collaboration and cooperation with local, regional, and international partners to combat money laundering, terrorist financing, and other serious financial crimes.
Interactive and User-Friendly Platform
According to the Head of the FIU, the website is designed to be interactive and user-friendly, providing Financial Institutions, Designated Non-Financial Businesses and Professions (DNFBPs), and other stakeholders with access to critical information and updates on trends, typologies, and current issues relating to Anti-Money Laundering and Counter Terrorist Financing matters.
Key Features of the Website
- Provides access to critical information and updates on trends, typologies, and current issues
- Offers a secure platform for stakeholders to share intelligence and best practices
- Enables financial institutions to detect and prevent money laundering and terrorist financing
Objectives of the Financial Intelligence Unit (FIU)
The FIU’s primary objectives are:
- To receive, retain, and analyze suspicious transaction reports
- To collect relevant information for performing its functions
- To seize proceeds of crime
- To inform financial institutions of their obligations in detecting and preventing money laundering and terrorist financing
- To investigate matters arising from suspicious transactions
- To provide advisories when necessary
Commitment to Fighting Financial Crime
Grenada’s commitment to fighting financial crime was recently highlighted on MTV’s RISE AND SHINE program, where the FIU showcased its efforts to prevent money laundering and terrorist financing.
Collaboration with Local, Regional, and International Partners
The FIU has been working closely with local, regional, and international partners to share intelligence and best practices in detecting and preventing financial crimes. The launch of the website is an essential step towards promoting a secure financial sector and enhancing cooperation among stakeholders.
By providing access to critical information and updates on a regular basis, the new website will enable financial institutions, DNFBPs, and other stakeholders to stay informed and take proactive steps to prevent money laundering and terrorist financing.