Financial Crime World

Financial Institutions Urged to Stay Vigilant Against Money Laundering in Grenada

The Financial Intelligence Unit (FIU) of Grenada has launched an interactive website aimed at providing crucial information and updates on anti-money laundering and counter-terrorist financing matters. This move is a bid to strengthen collaboration and cooperation with local, regional, and international partners.

Mission and Objectives

The FIU’s mission is to prevent and detect money laundering, terrorist financing, and other serious financial crimes through collaboration with local, regional, and international stakeholders. The unit will achieve this by:

  • Receiving, retaining, and analyzing suspicious transaction reports
  • Collecting relevant information
  • Seizing proceeds of crime
  • Informing financial and business institutions of their obligations
  • Investigating matters arising from such reports

Reporting Suspicious Transactions

The FIU’s Head has issued advisories on how to proceed after analyzing a suspicious transaction or activity report. In cases where further information is required, the unit may request additional data from financial institutions or listed businesses within a specified timeframe. Alternatively, if an investigation is warranted, the FIU will submit a report to the relevant law enforcement authority to determine whether a money laundering offence has been committed.

Promoting Transparency and Integrity

The FIU’s efforts are aimed at creating a secure financial sector in Grenada and promoting transparency and integrity in the country’s financial system. The unit is committed to combating financial crimes and protecting the nation’s financial interests, as demonstrated by its appearances on local television shows such as MTV’s Rise and Shine.

Conclusion

The Financial Intelligence Unit of Grenada is playing a crucial role in strengthening the country’s anti-money laundering and counter-terrorist financing efforts. By providing timely information and updates to financial institutions, designated non-financial businesses and professions, and other stakeholders, the FIU is helping to create a secure and transparent financial sector in Grenada.