Financial Crime World

Grenada’s Anti-Money Laundering Regulations

Overview of the Procee ds of Crime (Anti-Money Launder ing a nd 2012 Terrorist Fi nancing) Regulations

The Procee ds of Crime (Anti-Money Launder ing a nd 2012 Terrorist Fi nancing) Regulations of Grenada outline the requirements for relevant persons to prevent and report money laundering and terrorist financing. These regulations aim to ensure that financial institutions and designated non-financial businesses and professions in Grenada comply with international standards and best practices.

Key Requirements for Relevant Persons

The following are some key points from the text:

Money Laundering Reporting Officer

  • A Money Laundering Reporting Officer is responsible for liaising between a relevant person and the Financial Intelligence Unit (FIU) regarding compliance with anti-money laundering regulations.
  • This officer must have access to relevant information and be able to report suspicious transactions.

Due Diligence Audit

  • The FIU or its designated representative may conduct an inspection to verify compliance with anti-money laundering regulations.
  • Relevant persons must ensure that they are prepared for such audits by maintaining accurate records and internal controls.

Suspicious Transactions Reporting

  • Relevant persons must establish internal reporting procedures for suspicious transactions, including a clear reporting chain and access to relevant information for the Money Laundering Reporting Officer.
  • These procedures should ensure that suspicious transactions are reported promptly to the FIU.

Staff Training

  • Relevant persons must provide education and training for directors, partners, management, and key staff on anti-money laundering regulations, international conventions, and their personal obligations.
  • This training should be ongoing and cover all aspects of anti-money laundering compliance.

Purpose of the Regulations

These regulations aim to prevent and detect money laundering and terrorist financing in Grenada by ensuring that relevant persons implement effective internal controls, report suspicious transactions, and maintain transparency. By complying with these regulations, relevant persons can help to protect their reputation and ensure a safe and secure financial system for all.