by Linda Straker
- 18 entities comply with AML Commission registration
- Registration to combat terrorism financing and money laundering
- Proceeds of Crime Amendment Act came into effect on 1 January 2019
One of Grenada’s largest private companies and a little known religious non-profit organisation were among the latest 18 entities to receive certificates from the Anti-Money Laundering and Combating Terrorism (AML) Financing Commission.
“This is the second time we are presenting certificates of registration and all those who received, have all meet the criteria for registration,” said Tafawa Pierre, head of the Financial Intelligence Unit (FIU). Pierre was giving closing remarks at a workshop where the private sector was provided with knowledge about the assessment process that Grenada must comply with to have a successful outcome for the fourth round of Evaluation of the Caribbean Financial Action Task Force.
Receiving certificates among the 18 were private company Geo F Huggins, and mainly religious-based non-profit Youth with a Mission, based in St Patrick.
The registration of both private companies and NPOs with the commission is mandated in the 2018 Proceeds of Crime Amendment Act which came into effect on 1 January 2019. It is part of measures put in place to combat terrorism financing and money laundering.
Hundreds of entities are expected to register with the commission as Grenada put all structures in place to ensure that those entities which fall under the regulations of the Proceeds of Crime Amendment legislation comply for the law.
Besides for-profit companies and NPOs registration, the legislation also provides for 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 businesses; real estate businesses; lawyers and law firms and accountants; car dealers as well as dealers in precious stones and precious metals, to be registered with the commission.
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.”
good!