The Associated Press reported late last week that the Grenadian government has closed down four more banks as part of its continuing due diligence programme.
The news agency revealed that thus far, the jurisdiction's authorities have revoked the licenses of some 36 offshore banks in an attempt to secure removal from the FATF's blacklist of countries considered uncooperative in the fight against money laundering, and have also pledged to tighten tax reporting requirements in order to allay OECD concerns.
The Caribbean Island's offshore banking industry now comprises just nine banks, according to the AP.
Speaking last Friday, Grenadian Finance Minister, Anthony Boatswain listed
tthe four banks as: ICS Placement Co. Ltd., IC Mutual Ltd., Alpha Windward and
Leeward Ltd., and Commercial Asset Placement Ltd.
However, he refused to elaborate on the reasons for the closure of the four institutions.
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