Grenada’s Anti-Money Laundering Efforts Under Scrutiny: CFATF Plenary Reveals Best Practices

The Caribbean Financial Action Task Force (CFATF) has released a Mutual Evaluation Report that highlights the strengths and weaknesses of Grenada’s Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), and Counter-Proliferation Financing (CPF) measures. The report, adopted by the CFATF Plenary in June 2022, provides an assessment of Grenada’s compliance with the FATF 40 Recommendations, as well as recommendations for strengthening its AML/CFT system.

Assessment Highlights Strengths and Weaknesses

According to the report, the on-site visit conducted in Grenada from June 14-25, 2021, revealed a mixed picture. While the country has made significant progress in implementing its AML/CFT regime, there are areas that require improvement.

Best Practices Adopted by Grenada

• Robust customer due diligence requirements
• Effective reporting mechanisms for suspicious transactions

Deficiencies Identified

The report also identifies several deficiencies, including:

• Weaknesses in record-keeping requirements
• Inadequate resources allocated to its financial intelligence unit

Recommendations for Improvement

To address these issues, the CFATF has provided a list of recommendations aimed at strengthening Grenada’s AML/CFT system.

Full Report Available Online

The full Mutual Evaluation Report is available online for further review.