Grenada Fears Inclusion On Second FATF List

by Amanda Banks, Tax-news.com, London

21 June 2001

It's nearly showtime in the offshore world, and everyone's getting just a leetle bit jumpy. Reacting to statements from a source who reportedly spoke to the Caribbean News Agency (CANA) on the matter, Grenada's chief offshore regulator, Terrence Forester said last week that it would be a shame if Grenada was included in the forthcoming FATF blacklist of countries deemed to be uncooperative in the international fight against money laundering.

According to the CANA source, Grenada, which was not on last June's list, will be included in the Task Force's twelfth annual report updating its findings, which is due to be presented at the OECD headquarters on the 22nd June. However, the FATF are remaining close lipped in the run-up to the meeting, so Mr Forester will just have to wait until Friday to find out whether there is any truth in the rumour...

Meanwhile, the Grenadian government has just released an 81 page book on anti-money laundering guidelines, explaining methods of detecting and reporting suspicious transactions from financial institutions. The venture is the brainchild of the agency responsible for receiving and investigating such reports, the Supervisory Authority. At the launch, in the absence of any hard evidence, Grenadian Prime Minister Dr Keith Mitchell did not respond to the recent rumour, appealing instead for cooperation from financial institutions in the battle against money laundering.

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