Grenada Financial Regulatory Bodies Strengthen Anti-Money Laundering Efforts

Enhancing Collaboration with International Stakeholders

The Financial Intelligence Unit (FIU) of Grenada has launched an interactive website to provide crucial information and updates on anti-money laundering and counter terrorist financing matters. This move aims to strengthen collaboration with local, regional, and international stakeholders in the pursuit of a secure financial sector.

Key Mandate

As part of its mandate, the FIU:

• Collects and analyzes suspicious transaction reports from financial institutions and designated non-financial businesses and professions (DNFBPs)
• Provides guidance to these institutions on their obligations relating to detecting, preventing, and deterring money laundering, terrorist financing, and other serious financial crimes
• Requests additional information from financial institutions or listed businesses if necessary
• Submits reports to relevant law enforcement authorities for investigation in cases where suspicious transactions are detected

Interactive Website Features

The new website is designed to be user-friendly and interactive, providing access to:

• Trends related to anti-money laundering and counter terrorist financing
• Typologies of money laundering and terrorist financing schemes
• Current issues affecting the financial sector

Enhancing Collaboration

This initiative is seen as a major step towards deeper collaboration with partners at the local, regional, and international levels.

Awareness Campaigns

In related news, the FIU has recently appeared on MTV’s RISE AND SHINE program to raise awareness about its role in fighting financial crimes and promoting a secure financial sector in Grenada.