Financial Crime World

Grenada’s Financial Regulatory Bodies Make Strides in Anti-Money Laundering Efforts, But Challenges Remain

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A recent assessment by the global anti-money laundering (AML) watchdog, the Financial Action Task Force (FATF), has revealed that Grenada’s financial regulatory bodies have made significant progress in implementing AML measures. However, the country still faces challenges in certain areas.

Progress and Compliance

The FATF assessment found that Grenada is largely compliant with several key requirements, including:

  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)
  • Confiscation and provisional measures (R.4)
  • Financial intelligence units (R.29)

Grenada’s regulatory bodies have also made significant strides in implementing risk-based approaches to combating AML and terrorist financing.

Areas for Improvement

However, the FATF assessment also identified areas where Grenada requires improvement:

  • Targeted financial sanctions related to proliferation (R.7)
  • New technologies (R.15)
  • International cooperation and assistance (R.36-40)

Additionally, Grenada’s regulatory bodies are partially compliant with several other recommendations, including:

  • Customer due diligence (R.10)
  • Record keeping (R.11)
  • Internal controls and foreign branches and subsidiaries (R.18)

Importance of Continued Efforts

The FATF assessment highlights the importance of continued efforts by Grenada to strengthen its AML framework and improve cooperation with international partners.

Commitment to Improvement

In a statement, the Governor of the Eastern Caribbean Central Bank acknowledged the importance of AML compliance and expressed commitment to continued improvement:

“We recognize the critical role that our financial regulatory bodies play in preventing money laundering and terrorist financing. We will continue to work tirelessly to strengthen our AML framework and ensure that our financial sector is a safe and secure place for investors and consumers alike.”