Grenada Takes Comprehensive Approach to Tackling Financial Crime

The Government of Grenada has taken significant steps to combat financial crime in the island nation. By enacting key pieces of legislation and implementing robust enforcement measures, the government is committed to protecting its financial system from illicit activities.

Comprehensive Legislative Framework

The Grenada government has enacted several crucial pieces of legislation aimed at preventing and detecting:

• Drug trafficking
• Money laundering
• Terrorist financing
• Other serious crimes

Key Legislation:

• Financial Intelligence Unit Act: Establishes the Financial Intelligence Unit (FIU) to monitor suspicious transactions and gather vital intelligence.
• Proceeds of Crime Act 6 of 2012: Provides for the confiscation of cash and other property deemed to be the result of drug trafficking or related offenses.

Intelligence Gathering and Asset Confiscation

The FIU works closely with the Director of Public Prosecution to identify and seize illicit assets. Confiscated assets deprive criminals of their ill-gotten gains, denying them the opportunity to invest in legitimate businesses or activities.

Benefits of Asset Confiscation:

• Denies criminals of their ill-gotten gains
• Provides a valuable source of revenue for the government

Training and Capacity Building

The government has also prioritized training law enforcement agencies at all levels to equip them with the necessary skills and knowledge to combat financial crime.

Government’s Commitment:

By leveraging legislation, intelligence gathering, and training, Grenada is well-positioned to tackle the complex challenges posed by financial crime. The comprehensive approach taken by the government demonstrates its commitment to protecting its citizens and maintaining a stable financial system.