Grenada’s Anti-Money Laundering and Terrorist Financing Guidelines: A Call to Action for Charities and Non-Profit Organizations

Introduction

In a bid to combat money laundering and terrorist financing, Grenada has introduced new guidelines that require charities and non-profit organizations to adopt robust measures to prevent such activities. These guidelines came into effect in [date] and emphasize the importance of due diligence and transparency in charitable activities.

Key Requirements

• Charities and similar institutions are not immune to money laundering and terrorist financing activities and must take necessary steps to ensure compliance with the regulations.
• Organizations must adopt high standards and systems of internal controls commensurate with their risk-based methodology.
• The Financial Intelligence Unit (FIU) has been designated as the reporting authority in Grenada, responsible for guiding and assisting charities and non-profit organizations in their efforts to prevent money laundering and terrorist financing.

Reporting Requirements

• Charities and non-profit organizations are required to report suspicious activities to the FIU.
• Reports must contain specific information, including:
  • Date of the report
  • Person who made the report
  • Supporting evidence
• The FIU will guide and assist charities and non-profit organizations in preventing such activities.

Compliance

• Charities and non-profit organizations are expected to fully comply with the minimum requirements outlined in the regulations.
• Entities may adopt higher standards and systems of internal controls beyond what is prescribed in the guidelines, but these must be documented and made available when required during an inspection or otherwise in pursuance of the provisions or objectives of the guidelines.

Responsibility

• The responsibility for full compliance with the requirements of the guidelines rests with each charity or non-profit organization.
• The FIU has been empowered to guide and assist charities and non-profit organizations in their efforts to prevent money laundering and terrorist financing, and any additional standards or systems of internal control adopted must be appropriately documented and made available as required.

Conclusion

The introduction of these guidelines marks a significant step forward in Grenada’s efforts to combat money laundering and terrorist financing. Charities and non-profit organizations are urged to take immediate action to ensure compliance with the regulations and to report any suspicious activities to the FIU.