Financial Crime World

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Spotting Money Laundering Schemes in Grenada: What You Need to Know

The Financial Intelligence Unit (FIU) in Grenada is sounding the alarm on money laundering schemes, urging citizens and businesses to be vigilant in identifying suspicious transactions. As part of its efforts to combat financial crimes, the FIU has launched a website aimed at providing essential information and updates on Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) matters.

Prevention and Detection: A Collaborative Effort

According to the FIU, preventing and detecting money laundering, terrorist financing, and other serious financial crimes requires collaboration with local, regional, and international stakeholders. To achieve this goal, the FIU is working closely with financial institutions, designated non-financial businesses and professions (DNFBPs), and other key players in the sector.

Identifying Suspicious Transactions

The FIU is urging citizens and businesses to be aware of the following signs of money laundering schemes:

  • Receipt, retention, and analysis of suspicious transaction reports
  • Collection of information relevant to performing its functions
  • Seizure of proceeds of crime
  • Informing financial and business institutions about their obligations relating to detecting, preventing, and deterring money laundering and terrorist financing

What to Do If You Suspect Money Laundering

If you suspect a suspicious transaction or activity report from a financial institution or listed businesses, the FIU advises taking immediate action. The Head of the FIU may:

  • Request further information from a financial institution or listed business within a specified time
  • Submit a report to the relevant law enforcement authority for investigation

Protecting Grenada’s Financial Sector

The FIU is committed to strengthening the existing platform for collaboration and cooperation with local, regional, and international partners. By working together, the FIU aims to create a secure financial sector in Grenada.

Take Action Today

Citizens and businesses are urged to remain vigilant and report any suspicious transactions or activity to the FIU immediately. Together, we can prevent money laundering schemes and protect Grenada’s financial integrity.