Anti Money Laundering and Combating Terrorist Financing (AML/CFT)
The AML/CFT seeks to advance the critical objectives of policy makers, officials, and civil society to understand the negative impact on an economy from money laundering and terrorism.
Egmont Group of Financial Intelligence Units
An international group of FIUs founded in 1995, which collectively work together in an informal organization to improve support for their respective national anti-money laundering and anti-terrorist financing programs.
Financial Action Task Force (FATF)
An inter-governmental body, established by the G-7 Summit in 1989. The FATF’s purpose is to develop and promote policies, both at national and international levels, to combat money laundering and terrorist financing.
Financial Intelligence Unit, Act No. 14 of 2012
The Financial Intelligence Unit Act establishes a Financial Intelligence Unit within Grenada with powers which include the receiving, analyzing, obtaining and disseminating of information which relates to Proceeds of Crime Act offences and receiving suspicious activity reports from financial institutions.
Proceeds of Crime Act No. 6 of 2012
Proceeds of Crime Act criminalize money laundering related to the proceeds of drug trafficking and other serious offences and provides for the confiscation of such proceeds. The Proceeds of Crime Act also imposes an obligation on financial institutions to report suspicious transactions to the Financial Intelligence Unit.
Mutual Legal Assistance Treaty (MLAT)
Makes provision for mutual legal assistance in criminal matters between Grenada and designated countries.
Engaging, directly or indirectly, in a transaction that involves property that is the proceeds of crime, knowing or believing the same to be the proceeds of crime.
This is the financial contribution to individuals and entities belonging to or associated with the Taliban, the Al-Qaida organization and or all organisations linked to terrorism.
Terrorism Act No. 16 of 2012
An Act criminalizing terrorism and terrorist financing giving the authority to disclose suspicions of any money or other property identified to be terrorist property.
Suspicious Transaction Report (STR)
It is any unusual, complex or large transactions which could constitute money laundering or proceeds of criminal conduct identified by financial institutions reported to the FIU.