Financial Crime World

Grenada Financial Institutions on High Alert as FIU Steps Up Fraud Detection Efforts

Strengthening Collaboration to Prevent Financial Crimes

The Financial Intelligence Unit (FIU) in Grenada has launched a new initiative aimed at strengthening collaboration and cooperation with local, regional, and international partners to prevent and detect money laundering, terrorist financing, and other serious financial crimes.

Primary Objective: Equipping Financial Institutions for Effective Detection

According to the head of the FIU, the agency’s primary objective is to ensure that financial institutions and designated non-financial businesses and professions (DNFBPs) are equipped with the necessary tools and information to identify and report suspicious transactions and activities. This includes:

  • Receiving, retaining, and analyzing suspicious transaction reports
  • Collecting other relevant information
  • Seizing proceeds of crime
  • Informing financial institutions of their obligations relating to detecting and preventing money laundering and terrorist financing
  • Investigating matters arising from suspicious transactions and financial crimes

Enhanced Collaboration and Information Sharing

The FIU has established an advisory framework that allows it to request additional information from financial institutions or listed businesses in the event of a suspected transaction or activity report. In some cases, the FIU may submit reports to law enforcement authorities for investigation into possible money laundering offenses.

Global Recognition and Partnerships

The FIU’s efforts have been recognized globally, with recent appearances on MTV’s RISE and SHINE program highlighting the agency’s commitment to ensuring the integrity of Grenada’s financial sector. The agency’s interactive website provides a platform for stakeholders to access important information and updates on trends, typologies, and other current issues relating to anti-money laundering and counter-terrorist financing matters.

Next Level Efforts

With this new initiative, the FIU is poised to take its efforts to the next level, working closely with local, regional, and international partners to ensure that Grenada’s financial institutions are equipped to detect and prevent fraud and other serious financial crimes.