Grenada’s Financial Intelligence Unit Issues Guidelines on Money Laundering and Terrorist Financing

Introduction

The Financial Intelligence Unit (FIU) in Grenada has issued guidelines outlining the minimum requirements for entities and professionals to prevent money laundering and terrorist financing. These guidelines aim to ensure compliance with international standards and prevent the misuse of financial systems for illicit activities.

Requirements for Charities and Non-Profit Organizations

• Charities and non-profit organizations are not immune to abuse and must adopt due diligence measures to ensure compliance with regulations.
• They are required to apply the provisions of the guidelines with necessary modifications to enable proper compliance.
• Regular reviews of their activities and operations should be expected to verify compliance with obligations outlined in the guidelines.

Compliance Requirements for Entities and Professionals

• Entities and professionals must fully comply with the guidelines, which set minimum standards for compliance.
• They may adopt higher standards and systems of internal controls based on their risk-based methodology to reduce or mitigate identified risks.

Reporting Suspicious Activity

• The FIU is tasked with keeping a record of reports received concerning suspicious activity related to money laundering and terrorist financing.
• Each report must contain specific information, including:
  • Date of the report
  • Person who made it
  • Any person to whom it was forwarded
  • Reference by which supporting evidence is identifiable
  • Receipt of acknowledgement from the FIU

Response to Reports

• Upon receipt of a report, the FIU should promptly acknowledge the receipt in writing and assign it to an investigating officer.
• Additional measures may be required beyond those prescribed in the guidelines to reduce or mitigate risks associated with money laundering or terrorist activity.

Conclusion

The guidelines issued by the Financial Intelligence Unit aim to prevent the misuse of financial systems for illicit activities and ensure compliance with international standards on combating money laundering and terrorist financing. Entities and professionals are expected to fully comply with these guidelines, which set minimum standards for compliance.