Anti-Money Laundering and Terrorism Financing Regulations in Grenada
Introduction
The Proceeds of Crime (Anti-Money Laundering and Terrorism Financing) Regulations, 2012, for Grenada aim to prevent the misuse of financial systems by individuals and organizations involved in money laundering and terrorism financing. This article highlights key points from sections 14 to 16 of these regulations.
Section 14: Due Diligence Audit
- Conducting an Inspection: The Financial Intelligence Unit (FIU) or a designated person may conduct an inspection of a relevant person to determine compliance with money laundering and terrorism financing requirements.
- Directives for Compliance: The FIU can issue directives for compliance, which will be published in the Gazette unless considered restricted.
Section 15: Establishing Procedures for Suspicious Transactions
- Written Internal Reporting Procedures: A relevant person must establish written internal reporting procedures to:
- Identify who to report knowledge or suspicion of money laundering to
- Ensure a clear reporting chain for suspicious transactions
- Provide the Money Laundering Reporting Officer with access to relevant information
- Comply with Guidelines
Section 16: Staff Training
- Education and Training: A relevant person must provide education and training for directors, partners, management, and key staff on:
- Provisions of money laundering regulations, Proceeds of Crime Act, Terrorism Act, and related enactments
- Relevant regional and international conventions, United Nations Security Council Resolutions, and standards for compliance
- Personal obligations under the relevant enactments and instruments
- Compliance procedures or internal control systems
- Customized Training: Staff training must also cover:
- Ensuring compliance with regulation 3(1)(c)
- Policies and procedures to detect and prevent money laundering and terrorism financing
- Customized training for specific roles within the organization
These regulations are designed to ensure that relevant persons, such as financial institutions, comply with anti-money laundering and terrorism financing requirements.