Financial Crime World

Grenada’s Financial Intelligence Unit: Frontline Defense Against Money Laundering and Financial Crimes

The Grenada Financial Intelligence Unit (FIU) is a crucial component of Grenada’s financial crime prevention system. acting as a central repository and analytical body for financial intelligence. Below are the primary functions of the FIU:

Functions of the Financial Intelligence Unit (FIU)

  1. Receipt, retention, and analysis of Suspicious Transaction Reports (STRs): The FIU receives STRs and other relevant information from financial institutions and designated non-financial businesses and professions (DNFBPs).
  2. Request for further information: The FIU can request additional information from financial institutions and listed businesses to help analyze potential financial crimes or money laundering activities.
  3. Seizure of proceeds of crime: In accordance with the law, the FIU can seize proceeds of crime.
  4. Informing financial and business institutions: The FIU shares information with financial and business institutions about their obligations in detecting, preventing, and deterring money laundering and terrorist financing.
  5. Conducting investigations: Based on its analysis, the FIU may submit reports to the relevant law enforcement authority, leading to investigations.

FIU’s Ability to Request Information

The FIU is empowered to request information from financial institutions and listed businesses when necessary for further analyzing suspicious transactions or activities. Following its analysis or evaluation of an STR, if the Head of the FIU deems it warranted, a report will be submitted to the relevant law enforcement authority to initiate an investigation.

Cooperation with National & International Organizations

The FIU also cooperates and liaises with various national and international organizations, including:

  • OECS Central Bank
  • Other government agencies
  • Treaty-specified authorities

They engage with any individual capable of providing valuable information regarding an analysis of intelligence or financial crimes.

Obligations for Financial Institutions & Businesses in Grenada

Financial institutions, relevant businesses, and designated non-financial business and professions in Grenada are legally required to:

  • Monitor transactions for suspicious activities
  • Verify customer identities
  • Maintain records
  • Develop and implement a compliance program

This program should consist of:

  1. Internal control systems
  2. Periodic testing
  3. Personnel training
  4. A dedicated compliance officer

By adhering to these obligations, they effectively contribute to the prevention of money laundering and financial crimes in Grenada.