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Grenada’s Anti-Money Laundering Efforts Under Scrutiny

A recent Mutual Evaluation Report by the Caribbean Financial Action Task Force (CFATF) has shed light on the island nation’s efforts to combat money laundering and terrorist financing.

Background

The report, adopted at the CFATF Plenary in June 2022, provides a comprehensive assessment of Grenada’s Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT)/Counter-Proliferation Financing (CPF) measures as of June 2021.

Key Findings

The evaluation team analyzed the island’s compliance with the Financial Action Task Force’s (FATF) 40 Recommendations and assessed the effectiveness of its AML/CFT system. The report highlights several key findings, including:

• Progress Made, Gaps Remain: Grenada has made significant strides in implementing AML/CFT measures, but there are still areas for improvement.
• Challenges of a Small Financial Sector: The country’s financial sector is relatively small, which presents both opportunities and challenges for effective AML/CFT regulation.
• Commitment to Combating Money Laundering and Terrorist Financing: Grenada’s regulatory bodies have demonstrated a commitment to combating money laundering and terrorist financing.

Recommendations

The report also provides recommendations for strengthening Grenada’s AML/CFT system, including:

• Enhance Customer Due Diligence Requirements: Financial institutions should enhance customer due diligence requirements to prevent money laundering.
• Improve the Effectiveness of the Financial Intelligence Unit (FIU): The FIU should be improved to effectively identify and investigate suspicious transactions.
• Strengthen International Cooperation on AML/CFT Matters: Grenada should strengthen international cooperation with other countries to combat money laundering and terrorist financing.

Accessing the Report

The complete Mutual Evaluation Report can be accessed online.