Financial Crime World

GRENADA’S FINANCIAL INTELLIGENCE UNIT LAUNCHES ANTI-MONEY LAUNDERING SOFTWARE SOLUTIONS

Introduction

The Financial Intelligence Unit (FIU) of Grenada has launched a new website aimed at strengthening the country’s financial sector security. The platform provides access to information on anti-money laundering and counter-terrorism financing matters, catering to financial institutions, designated non-financial businesses and professions, and other stakeholders.

Key Functions of the FIU

  • Receipt, Retention, and Analysis of Suspicious Transaction Reports: The FIU will receive, retain, and analyze suspicious transaction reports (STRs) submitted by financial institutions.
  • Collection of Relevant Information: The agency will collect information relevant to performing its functions, including data from local, regional, and international stakeholders.
  • Seizure of Proceeds of Crime: The FIU will seize proceeds of crime and assist in the recovery of assets linked to financial crimes.
  • Provision of Advisories: The FIU will provide advisories on obligations related to detecting, preventing, and deterring money laundering and terrorist financing.
  • Investigation of Suspicious Transaction Reports: The agency will investigate matters arising from STRs, working closely with law enforcement authorities.

Issuance of Advisories

In cases where further information is needed to determine whether a specified offense has been or may be committed, the FIU will issue advisories. These can include:

  • Requests for Additional Information: Financial institutions or listed businesses may be required to submit additional information within a specified timeframe.
  • Submissions to Law Enforcement Authorities: The FIU may submit relevant information to law enforcement authorities for investigation.

Conclusion

The launch of the FIU’s website marks an important step towards strengthening Grenada’s financial sector and preventing financial crimes. By providing access to anti-money laundering and counter-terrorism financing information, the agency aims to prevent and detect money laundering, terrorist financing, and other serious financial crimes through collaboration with local, regional, and international stakeholders.