Grenada is a key player in the provision of financial services (domestic and international) and as such, its bears some responsibility in ensuring compliance with internationally established standards of regulation and enforcement relating to the detection and prevention of money laundering and countering the financing of terrorism.
As a member of the Caribbean Financial Action Task Force (CFATF), Grenada is required to fully comply with the requirements of the 40 Recommendations of the Financial Action Task Force (FATF). Grenada is also a member of key organisations such as International Organisation of Securities Commission (IOSC), International Association of Insurance Supervisors (IAIS) and Egmont Group - which have established sector specific benchmarks relative to anti-money laundering measures in the area of securities and investment, insurance banking and intelligence gathering and dissemination. In addition, Grenada fully observes all of the established standards designed to effectively combat acts of terrorism, the financing of terrorism activities and proliferation.
Grenada has in place a robust legislative and administrative regime on anti-money laundering and terrorist financing which is subject to periodic reviews by the CFATF and the International Monetary Fund (IMF).
Grenada has taken steps to effect the criminalization of money laundering and terrorist financing, establishment of effective international cooperation in cross-border crime, enabling the targeting of and confiscation of the proceeds of crime (including drug trafficking), establishment of appropriate mechanism for the reporting of Suspicious Activities, empowering of the Judicial and administrative authorities to effectively apply established rules of compliance and enforcement, the creating of dissuasive and proportionate penalties for acts of money laundering and terrorism financing and providing a mechanism for ongoing public education on matters concerning money Laundering and terrorism financing.
Full compliance with relevant AML/CTF legislations can only result in upholding business reputation and the overall reputation of Grenada, for a firm's good name is only as good as its reputation, for without that reputation the name means very little, if anything at all.
To Develop an Effective National System for Combating Money Laundering and Terrorism Financing.
Ensuring a Robust Financial Infrastructure to Combat against Money Laundering and Terrorism Financing.
- To advise the Minister in relation to the detection and prevention of money laundering in Grenada.
- Issuing amendments to the Proceeds of Crime Act (POCA) Guidelines from time to time.
- Advise the Minister as to the participation of Grenada in the international efforts against money laundering and terrorist financing.
- Examining Financial Institution that is regulated under any other enactment.
- Regulating anti money laundering activities.
- Providing education and training.
Office of the Anti-Money Laundering Commission
Ministry of Finance
Media Level 3
Phone: (473) 444-3828
"A firm’s good name is only as good as its reputation, for without that reputation, the name means very little (if anything at all)."
MONEY SERVICES BUSINESSES