Grenada Hosts Anti-Money Laundering Workshop

by Amanda Banks, for LawAndTax-News.com, London

20 August 2008

Grenada's Ministry of Finance, in conjunction with the Financial Intelligence Unit (FIU) and the Grenada Authority for the Regulation of Financial Institutions (GARFIN), on Wednesday hosted a workshop on anti-money laundering and combating the financing of terrorism for all financial institutions in Grenada.

The Ministry made it clear that it was critical that all financial institutions in Grenada should attend this workshop, since they are all subject to the provisions of the proceeds of Crime Act No. 3/2003; the Money Laundering Prevention Act No. 18/1999; as well as the Financial Action Task Force (FATF) 40 Recommendations and 9 Special Recommendations on Money Laundering and Terrorist Financing.

Additionally, Grenada is subject to a mutual evaluation review by the Caribbean Financial Action Task Force (CFATF) in October 2008 and the process for this review, including the role of the financial institutions, were explained at the workshop.

Some of the items on the day’s agenda included:

• The Role of the Supervisory Authority and preparation for Grenada’s Mutual Evaluation Review by Ms. Patricia Antoine-Clyne, Chairman of the Supervisory Authority;
• AML/CFT Legislative Requirements and Guidelines by ASP Tafawa Pierre of the Financial Intelligence Unit; and
• An address on the importance of the Mutual Evaluation Review for Grenada by the Minister of Finance, Hon. V. Nazim Burke.

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