Financial Crime World

Grenada Moves to Strengthen Anti-Money Laundering Measures

The Government of Grenada has announced a series of measures aimed at strengthening the country’s anti-money laundering (AML) regime. The new regulations, which came into effect immediately, require financial institutions and other relevant persons to implement robust AML procedures to prevent money laundering and terrorist financing.

Designation of Money Laundering Reporting Officer

One of the key provisions is the designation of a Money Laundering Reporting Officer (MLRO), who will be responsible for ensuring compliance with AML regulations. The MLRO will:

  • Report suspicious transactions
  • Monitor customer activity
  • Liaise with the Financial Intelligence Unit (FIU) to ensure all requirements are met

Conduct of Due Diligence Audits

The FIU or a person designated by it may conduct regular audits to verify compliance with AML regulations. The audits will cover aspects such as:

  • Customer due diligence
  • Transaction monitoring
  • Reporting of suspicious transactions

Establishment of Procedures for Suspicious Transactions

Relevant persons must establish written internal procedures for reporting suspicious transactions. These procedures should enable staff to report knowledge or suspicion of money laundering to the MLRO and ensure a clear chain of communication is in place.

Staff Training

The regulations also require relevant persons to provide education and training to all staff on AML requirements, including:

  • Provisions of the Proceeds of Crime Act
  • Terrorism Act
  • Guidelines

Staff must be aware of their personal obligations under these laws and understand the procedures for reporting suspicious transactions.

Publication of Directives

The FIU may issue directives as necessary to ensure compliance with AML regulations. These directives will be published in the Gazette unless they are considered restricted or confidential.

The new regulations aim to strengthen Grenada’s AML regime, enhance cooperation between financial institutions, law enforcement agencies, and other stakeholders, prevent money laundering and terrorist financing, and protect the integrity of the country’s financial system.