Title: Grenada Strengthens Legislation against Money Laundering and Financial Crimes
Grenada’s Commitment to Combatting Financial Crimes
St. George’s, Grenada - The Government of Grenada reinforces its stance against money laundering, drug trafficking, and terrorist financing by enacting the Proceeds of Crime Act 1 of 2023 and the Financial Intelligence Unit Act 15 of 2023.
Proceeds of Crime Act 1 of 2023
- Replaces the Proceeds of Crime Act 6 of 2012
- Empowers the confiscation of assets and cash from drug trafficking and other serious crimes
- Denies criminals profits and investment opportunities
Positive Outcomes
- Deprives criminals of benefits from their wealth
- Denies criminals opportunity to invest ill-gotten gains
- Provides additional funds to the Government of Grenada
Financial Intelligence Unit Act 15 of 2023
- Establishes Financial Intelligence Unit (FIU)
- combats illicit activities
- Enhances Grenada’s ability to implement AML and CFT measures
- Allows for international cooperation and information sharing
Stakeholder Consultations and Training
- Extensive consultations with OECS Eastern Caribbean Financial Intelligence Unit (ECFIFU), Eastern Caribbean Central Bank, Grenada Police Force, and other financial and law enforcement agencies
- Training for law enforcement agencies and financial institutions remains a priority for a robust AML/CFT regime implementation.