FINANCE MINISTRY WARNS OF LICENSE REVOCATION FOR FINANCIAL INSTITUTIONS WITH CRIMINAL EMPLOYEES

St. George’s, Grenada - A Stern Warning from the Ministry of Finance

The Ministry of Finance has issued a stern warning to financial institutions operating in Grenada that their licenses may be revoked if an employee or officer is convicted of a criminal offense.

Money Laundering (Prevention) Act 2000: Key Provisions

• Any financial institution licensed to engage in offshore banking, insurance, trust, or betting business will have its license revoked if:
  • An employee or officer is convicted of an indictable offense
  • Fails to disclose a conviction at the time of application for the license
• The Ministry may revoke a license if an employee or officer is the subject of a criminal investigation, whether in Grenada or elsewhere

Integrity of the Financial System

“This legislation is designed to prevent and combat money laundering and other financial crimes,” said a spokesperson for the Ministry of Finance. “We will not tolerate any activity that undermines the integrity of our financial system.”

Penalties for Money Laundering Offenses

• Fines of up to $250,000
• Imprisonment for up to five years

Call to Action from the Ministry of Finance

The Ministry of Finance has urged all financial institutions operating in Grenada to ensure that their employees and officers are aware of the provisions of the Money Laundering (Prevention) Act 2000 and to take steps to prevent money laundering and other financial crimes.

“This is a serious matter, and we will not hesitate to take action against any institution or individual found to be engaging in illegal activities,” said the spokesperson.