Grenada Makes Progress in Combating Financial Crime, But Still Faces Challenges

The Eastern Caribbean country of Grenada has made significant strides in implementing measures to combat financial crime, according to the latest Mutual Report by the Financial Action Task Force (FATF). The report assesses the extent to which countries have implemented technical requirements to prevent money laundering and terrorist financing.

Key Areas of Progress

• Risk assessment and risk-based approach (R.1): Partially compliant
• National cooperation and coordination (R.2): Largely compliant
• Laws criminalizing money laundering (R.3): Compliant
• Confiscation and provisional measures (R.4): Partially compliant
• Targeted financial sanctions related to terrorism and terrorist financing (R.6): Largely compliant

Challenges Remain

• Laws governing non-profit organizations (R.8): Partially compliant
• Financial institution secrecy laws (R.9): Compliant
• Customer due diligence (R.10): Partially compliant
• Record keeping (R.11): Partially compliant
• Reliance on third parties (R.17): Partially compliant
• Internal controls and foreign branches and subsidiaries (R.18): Partially compliant

Areas of Compliance

• Reporting of suspicious transactions (R.20): Compliant
• Tipping-off and confidentiality (R.21): Compliant
• Transparency and beneficial ownership of legal persons (R.24): Compliant

Conclusion

While Grenada has made progress in implementing measures to combat financial crime, there is still work to be done to ensure full compliance with international standards. The country’s authorities will need to continue to address the remaining challenges and implement additional reforms to strengthen its financial regulatory framework.