Financial Crime World

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Financial Investigation Procedures in Grenada: A Step Towards a Secure Financial Sector

The [Financial Intelligence Unit (FIU)] has launched an official website, providing a platform for financial institutions, designated non-financial businesses and professions, and other stakeholders to access critical information and updates on anti-money laundering and counter-terrorism financing matters.

Procedures for Preventing and Detecting Money Laundering

As part of its mandate to prevent and detect money laundering, terrorist financing, and other serious financial crimes, the FIU has outlined several key procedures:

  • Receipt, Retention, and Analysis of Suspicious Transaction Reports: The FIU collects and analyzes suspicious transaction reports from financial institutions.
  • Collection of Other Relevant Information: The FIU gathers additional information related to suspicious transactions.
  • Seizure of Proceeds of Crime: The FIU seizes assets obtained through illegal activities.
  • Informing Financial Institutions of Obligations: The FIU informs financial institutions of their responsibilities in detecting and preventing money laundering and terrorist financing.
  • Investigating Matters Arising from Suspicious Transactions: The FIU investigates cases related to suspicious transactions.

Requesting Further Information

When necessary, the FIU issues advisories outlining procedures for requesting further information from financial institutions or listed businesses. In cases where a suspicious transaction report is analyzed and further investigation is deemed warranted, the Head of the FIU may submit a report to relevant law enforcement authorities for investigation into potential money laundering offences or proceeds of crime.

Strengthening Collaboration and Cooperation

The website aims to strengthen collaboration and cooperation with local, regional, and international partners, providing an interactive and user-friendly platform for stakeholders to access information and updates on anti-money laundering and counter-terrorism financing matters. With this initiative, the FIU hopes to contribute towards a secure financial sector in Grenada.