Financial Crimes on the Rise in Grenada’s Banking Industry: Financial Intelligence Unit Calls for Action

Growing Trend of Financial Crimes in Grenada’s Banking Industry

The Financial Intelligence Unit (FIU) of Grenada has sounded the alarm on a growing trend of financial crimes in the country’s banking industry. In response, the FIU has launched an initiative aimed at strengthening collaboration with local, regional, and international stakeholders to combat money laundering, terrorist financing, and other serious financial offenses.

Strengthening Collaboration and Analysis

• The FIU will receive, retain, and analyze suspicious transaction reports from financial institutions and designated non-financial businesses and professions (DNFBPs) to prevent and detect illicit activities.
• The unit will work closely with law enforcement agencies to investigate matters arising from these reports.
• The FIU’s advisory committee will provide critical input on the development of policies and strategies to combat financial crimes.

Providing Guidance and Support

The FIU’s Head emphasized that the unit’s role extends beyond receiving reports, providing guidance and support to financial institutions and listed businesses on their obligations related to detecting, preventing, and deterring money laundering and terrorist financing. This includes:

• Identifying emerging threats in a rapidly evolving financial landscape
• Providing information on trends, typologies, and current issues related to anti-money laundering and counter-terrorist financing

Promoting Economic Growth and Investor Confidence

Grenada’s banking industry has been grappling with instances of money laundering and terrorist financing in recent years. The FIU’s initiative is seen as a crucial step towards creating a more secure financial sector, boosting investor confidence, and promoting economic growth in the island nation.

Outreach Efforts and Community Engagement

• The FIU has launched a dedicated website providing information on trends, typologies, and current issues related to anti-money laundering and counter-terrorist financing.
• The unit will be featured in an upcoming episode of MTV’s RISE AND SHINE program, which focuses on entrepreneurship and innovation in the Caribbean.

Call to Action

“We urge all stakeholders to remain vigilant and report any suspicious activity to enable us to take prompt action,” said the Head of the FIU. “In a rapidly evolving financial landscape, it is imperative that we work together to stay ahead of emerging threats.”