by Linda Straker
- AML/CTF Commission principal function is to implement Anti-Money Laundering policies
- Confiscated Asset Funds to be used for meeting expenses of the commission
- Registration will be annual with costs ranging from EC$100 to EC$500
Forty-two businesses were recently presented with certifications of registration from the Anti-money Laundering and Combatting Terrorism Financing Commission (AML/CTF), which commenced registration earlier this year for its working partners.
Between May to August 2019, 98 applications were received by the commission. The first batch of registration is businesses that have complied with the process pursuant to the 2018 Proceeds of Crime Amendment Act.
Hundreds of entities are expected to register with the commission as Grenada puts all structures in place to ensure that those entities which fall under the regulations of the Proceeds of Crime Amendment legislation, comply with the law.
The Proceeds of Crime (Amendment) legislation which was approved by both Houses of Parliament in early 2018 came into effect as of 1 January 2019. This makes it mandatory for all organisations operating as non-profit organisations; insurance companies earning more than EC$25 million or less than EC$25 million; large credit unions earning more than EC$50 million; small credit unions earning under EC$50 million; money service business; real estate businesses; lawyer and law firm and accountants; car dealers as well as dealers in precious stone and precious metals to be registered with the commission.
The businesses receiving certificates of registration were reflective of the different sectors. Registration will be annual and will cost each group a different amount, ranging from EC$100 to EC$500.
According to the legislation, once an entity is registered, the commission must publish at such intervals and in such manner as the commission determines; and books will be “open to public inspection at such times as are reasonably convenient.”
The AML/CTF Commission office is one of the entities combating financial corruption and its principal function is to implement the Anti-Money Laundering policies of the Financial Action Task Force.
Funds from the Confiscated Asset Fund are to be used for meeting the expenses of the commission.
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