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Proceeds of Crime (Anti-Money Laundering and Terrorist Financing) Guidelines

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Duties of the Financial Intelligence Unit (FIU)

The Financial Intelligence Unit (FIU) plays a crucial role in investigating suspicious activity reports concerning money laundering and terrorist financing. Here are the key duties of the FIU:

• The FIU is responsible for investigating suspicious activity reports.
• The FIU must keep a record of all reports received, which should include:
  • Date of the report
  • Person who made the report
  • Any person to whom the report was forwarded
  • A reference to supporting evidence
  • Receipt of acknowledgment from the FIU

Duties of the FIU on receipt of a report

When the FIU receives a report, it should promptly acknowledge receipt in writing and assign it to an investigating officer. The acknowledging letter should be addressed to the entity or professional that made the report.

Compliance Requirements

To ensure effective anti-money laundering and terrorist financing compliance, every entity and professional must fully comply with these guidelines. Here are the key compliance requirements:

• Every entity and professional must fully comply with these guidelines.
• Entities and professionals may adopt higher standards and internal controls commensurate with their risk-based methodology to reduce or mitigate identified money laundering or terrorist financing risks.
• Any additional standards or systems of internal control must be documented and made available upon request during an inspection or other pursuit of the guidelines’ objectives.

By following these guidelines, entities and professionals can help prevent money laundering and terrorist financing activities in Grenada.