As the Unit advances towards greater efficency and effectiveness, the primary focus would be to contextualise the current and impending AML/CFT risk within the jusrisdiction and determine whether the current mechanism employed is appropriate.
Therefore, the strategic focus for the next three years includes:
(a) Capacity Building:
- Development of an enhance vetting policy to include polygraph testing of persons attached to the FIU;
- Pursue specific training, particularly in the areas of analytical skills and risk assessment;
- Enroll in the CFATF accreditation of financial investigators program;
- Internal staff development program;
- Mentorship program (succession planning).
(b) Development of a systematic approach for intelligence led analysis and investigation:
- Development of a mechanism for enhanced cooperation:
- Formation of a Technical Working Group on AML/CFT;
- Website development;
- Update and training for Financial Institutions;
- Commencement of AML/CFT audit of Financial Institutions.
(c) Standardisation and enhancement of internal controls and practices:
- Development of standard operating procedures and practices;
- Improve the quality of processing and analysis of information;
- Improvement of information and analytical system to include an automated platform to receive information from reporting entities.
(d) Commencement of national risk assessment on Money Laundering and Terrorist Financing (ML/FT) in Grenada.
- Development of tools (questionnaire, etc.) in conjuction with Anti-Money Laundering/Terrorist Financing Commission
- Collection for preliminary data from stakeholders