Preventing Money Laundering and Terrorist Financing in Grenada

The Proceeds of Crime (Anti-Money Laundering and Terrorist Financing) Regulations of Grenada outline the requirements for financial institutions and relevant persons to prevent money laundering and terrorist financing.

Key Requirements for Relevant Persons

• Designate a Money Laundering Reporting Officer: A relevant person must appoint a Money Laundering Reporting Officer (MLRO) who will act as a liaison between the relevant person and the Financial Intelligence Unit (FIU).
• Conduct Due Diligence Audits: The FIU or a designated person may conduct inspections to ensure compliance with regulations, enactments, and directives related to money laundering.

Establishing Effective Systems

• Internal Reporting Procedures: A relevant person must establish written procedures for reporting suspicious transactions, ensuring a clear chain of command and access to relevant information.
• Staff Training: Relevant persons must provide education and training for directors, partners, management, and key staff on anti-money laundering regulations, personal liability, and requirements.

Compliance Objectives

These regulations aim to prevent money laundering and terrorist financing by requiring relevant persons to establish effective systems for detecting, reporting, and preventing suspicious transactions. By implementing these measures, financial institutions can help maintain a safer and more secure financial environment in Grenada.