Financial Crime World

Grenada’s Financial Intelligence Unit: Playing a Crucial Role in Crime Prevention

The Financial Intelligence Unit (FIU) in Grenada plays a pivotal role in protecting the country’s financial system and combating money laundering, terrorist financing, and other financial crimes.

Functions of the FIU

The FIU serves several essential functions:

  1. Suspicious Transaction Reports (STRs): The FIU functions as the reception point for all STRs. These reports are then analyzed, and relevant information is collected to aid the unit’s functions. Moreover, the FIU possesses the power to seize proceeds of crime.

  2. Keeping Institutions Informed: The FIU keeps financial and business institutions informed of their obligations to identify, prevent, and deter money laundering and terrorist financing.

Inspection and Investigation

The FIU performs the following duties:

  • Investigations: The FIU carries out investigations on matters arising from STRs, money laundering, terrorist financing, and other financial crimes.

  • Request for Additional Information: If the Head of the FIU suspects that a crime has been or may be committed, or that proceeds of crime are in Grenada or elsewhere, he may request additional information from financial institutions and listed businesses.

  • Submitting Reports: If the investigation warrants it, a report is submitted to the relevant law enforcement authorities.

Cooperation and Liaison

Collaborating with other authorities and relevant persons is an integral part of the FIU’s role. These entities include the OECS Central Bank, government agencies, international partners, and individuals with valuable intelligence for analysis.

Obligations of Financial Institutions and Businesses

Based on the Proceeds of Crime Act and Supervisory Authority Guidelines, the following entities are obligated to:

  • Monitor Transactions: Financial institutions, relevant businesses, designated non-financial businesses, and professions must monitor transactions and report suspicious activities to the FIU.

  • Verify Customer Identities: They must also verify the identities of their clients.

  • Maintain Effective Record-keeping: Proper record-keeping is crucial.

  • Develop Compliance Programs: Institutions and businesses must develop and implement a compliance program.

  • Continual Compliance: It is essential that they maintain continual compliance with their obligations.

This collaborative effort between the FIU and financial institutions plays a significant role in preventing financial crimes.