AMENDMENTS TO PROCEEDS OF CRIME (ANTI-MONEY LAUNDERING AND TERRORISM FINANCING) GUIDELINES

The Grenada Government has announced a series of amendments to the Proceeds of Crime (Anti-Money Laundering and Terrorism Financing) Guidelines, aimed at strengthening the country’s anti-money laundering and combating terrorism financing regime.

Strengthening Cooperation

According to a statement from the Anti-Money Laundering and Combating Terrorism Financing Commission, the amendments are intended to improve cooperation between financial institutions, regulatory bodies, and law enforcement agencies in detecting and preventing money laundering and terrorist financing activities.

Key Changes

• The insertion of “Central Bank” alongside “Commission or FIU” in various sections of the Guidelines, to reflect the importance of coordination among these entities in the fight against money laundering and terrorism financing.
• The deletion of specific references to the Financial Intelligence Unit (FIU) and the Commission, and their replacement with broader language that encompasses both entities, as well as the Central Bank.

Enhanced Compliance

The amended Guidelines are expected to enhance Grenada’s compliance with international standards for anti-money laundering and combating terrorism financing, and to improve the effectiveness of its efforts to disrupt and dismantle money laundering and terrorist financing networks.

Effective Date

The amendments were made by the Chairman of the Anti-Money Laundering and Combating Terrorism Financing Commission, Lawrence Joseph, on January 17th, 2018.