Preliminary findings from the just-concluded Mutual Evaluation Assessment by the Caribbean Financial Action Task Force (CFATF), show Grenada progressing very well in terms of effectiveness and technical compliance with anti-money laundering practices.
Attorney General Dia Forrester explained that effectiveness and technical compliance are the 2 basic components of the peer review process.
She said, “The assessment team required evidence that demonstrated that Grenada’s measures to counter money laundering and terrorism financing are working and delivering the right results. In relation to technical compliance, Grenada had to provide information on the laws, regulations and other legal instruments it has in place to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction.”
Forrester, who is also Chairman of Grenada’s Anti-Money Laundering and Combatting Terrorism Financing Commission, said considering the dynamic and constantly evolving nature of these threats, Grenada is making steady improvement and these must continue.
The preliminary report details 23 key findings, categorised in 6 areas including National Risk Assessment and Coordinated AML/CFT Strategy; International Cooperation; Legal Persons and Arrangements; Preventive Measures and Supervision; Legal System and Operational Issues; and Terrorism Financing and Financing of Proliferation.
The Attorney General said, “One of the main strengths coming out of the mutual evaluation is the cooperative nature of the players in the industry to tackle these issues, but, it is also one of our shortcomings insofar as it lends itself to an informal approach in both the public and private sectors which raises our vulnerability to money laundering and terrorist financing.”
During the 2-week review period, the assessors met with various public and private sector representatives from the Ministry of National Security, the Ministry of Finance, the Royal Grenada Police Force, the Financial Intelligence Unit, Grenada Authority for the Regulation of Financial Institutions (GARFIN), Citizenship by Investment Unit, local and marketing agents, commercial banks, credit unions and car dealerships among others.
The initial draft of the comprehensive report is expected within the next 2 months. This report is expected to contain analysis of the implementation and effectiveness of Grenada’s measures to combat money laundering and terrorist financing.
There will be an opportunity for the AML/CFT Commission to discuss the findings and raise objections before a final report is published.
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