Financial Crime World

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Financial Institutions and Compliance in Grenada

Grenada, a small island nation in the Caribbean, has made significant strides in implementing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. According to the Financial Action Task Force’s (FATF) latest ratings, Grenada has achieved a largely compliant rating across several key areas.

Benin Follow-Up Report 2023

The country has demonstrated a strong commitment to technical compliance with the FATF Recommendations, achieving a largely compliant rating in key areas such as:

  • Assessing risk and applying a risk-based approach (R.1)
  • National cooperation and coordination (R.2)
  • Money laundering offence (R.3)
  • Terrorist financing offence (R.5)

However, Grenada has also identified areas for improvement, including:

  • Confiscation and provisional measures (R.4)
  • Targeted financial sanctions related to terrorism and terrorist financing (R.6)
  • Transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)

These issues are being addressed through ongoing efforts to strengthen the country’s AML/CFT framework.

Notable Compliance Strengths

Grenada has also demonstrated strong compliance in several areas, including:

  • Financial institution secrecy laws (R.9)
  • Customer due diligence (R.10), record keeping (R.11), and internally controls (R.18)
  • Reporting of suspicious transactions (R.20) and tipping-off and confidentiality (R.21)
  • Regulation and supervision of financial institutions (R.26), powers of supervisors (R.27), and financial intelligence units (R.29)

Ongoing Efforts

The Grenada government continues to work towards strengthening its AML/CFT framework, with a focus on addressing the areas identified for improvement. The country’s Financial Intelligence Unit is also working closely with international partners to share information and best practices.

In conclusion, while there are areas for improvement, Grenada has made significant progress in implementing AML/CFT measures and demonstrating technical compliance with FATF Recommendations. The country remains committed to continuing its efforts to strengthen its financial system and combat money laundering and terrorist financing.