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Grenada’s Compliance with Anti-Money Laundering Regulations Under Scrutiny

A recent report has shed light on Grenada’s compliance with anti-money laundering regulations, revealing a mixed bag of results. The report assesses the country’s implementation of technical requirements outlined in the Financial Action Task Force (FATF) Recommendations.

Progress Made

Grenada has made significant progress in certain areas, including:

• Assessing risk and applying a risk-based approach
• Money laundering offences, confiscation and provisional measures, and targeted financial sanctions related to terrorism and terrorist financing

Shortcomings

However, Grenada has fallen short in other key areas, including:

• Financial institution secrecy laws
• Customer due diligence
• Record keeping
• Transparency and beneficial ownership of legal persons

Additionally, Grenada’s compliance with anti-money laundering regulations in several key areas is only partial. For instance:

• While the country has implemented measures to prevent terrorist financing, it is still considered partially compliant with regards to targeted financial sanctions related to proliferation.

Areas for Improvement

The report highlights several areas where Grenada needs improvement, including:

• Reliance on third parties
• Internal controls and foreign branches and subsidiaries
• Regulation and supervision of financial institutions
• Powers of supervisors and law enforcement authorities require strengthening

Commitment to Implementation

Despite these challenges, Grenada has demonstrated a commitment to implementing anti-money laundering regulations. The report acknowledges progress made in recent years. However, further efforts are needed to bring the country into full compliance with international standards.

Accessing the Report

The full report is available on the Financial Action Task Force’s website.