Financial Crime World

Grenada to Strengthen Anti-Money Laundering Regulations

The Financial Intelligence Unit (FIU) of Grenada has launched a new website aimed at promoting transparency and cooperation in the fight against money laundering and terrorist financing.

Promoting Transparency and Cooperation

The FIU, responsible for implementing anti-money laundering regulations in the country, has created a platform for financial institutions, designated non-financial businesses and professions, and other stakeholders to access information and updates on trends, typologies, and current issues related to anti-money laundering and counter-terrorist financing.

Interactive and User-Friendly Website

According to the FIU’s head, the new website is designed to be interactive and user-friendly, with supporting links to interface at different levels. The agency hopes that this initiative will strengthen its existing platform for deeper collaboration and cooperation with local, regional, and international partners.

Objectives and Responsibilities

The FIU’s main objectives include:

  • Preventing and detecting money laundering, terrorist financing, and other serious financial crimes through collaboration with stakeholders
  • Collecting suspicious transaction reports, retaining and analyzing them, and seizing proceeds of crime
  • Informing financial and business institutions about their obligations in detecting, preventing, and deterring money laundering and terrorist financing

Powers and Authorities

The FIU has the power to:

  • Request further information from financial institutions or listed businesses if necessary
  • Submit a report to law enforcement authorities for investigation if it determines that a money laundering offence has been committed

Collaboration and Awareness

The FIU is working closely with MTV’s RISE AND SHINE to raise awareness about its efforts to combat financial crimes.

Conclusion

The new website is an important step in Grenada’s efforts to strengthen its anti-money laundering regulations and ensure the security of its financial sector.