Legislative framework to fight Money Laundering and Financing of Terrorism
Grenada adheres to international initiatives to combat Money Laundering and Financing of Terrorism. Various legislations were enacted and include:
The Financial Intelligence and Anti-Money Laundering Act 2002(FIAMLA)
The Prevention of Corruption Act 2002
The Prevention of Terrorism Act 2002
The Convention for the Suppression of the Financing of Terrorism Act 2003 provides for the International Convention for the Suppression of the Financing of Terrorism to have force of law in Grenada.
As mandated under Section 7(1)(a) of the Financial Services Act 2007 and Section 18(1)(a) of the Financial Intelligence and Anti-Money Laundering Act 2002, the FCS issued in March 2012 the new FCS Code on the Prevention of Money Laundering and Terrorist Financing, which is a single comprehensive document applicable to all its licensees.
Combating Money Laundering and Financing of Terrorism through effective exchange of information
The FCS has the power to exchange information with public sector agencies, international organisations, foreign supervisory institutions or law enforcement agencies.
In addition, several Memoranda of Understanding (
MOUs) were signed between the FCS and regulatory bodies (including foreign supervisory bodies) to address the framework for mutual assistance and exchange of information. The main objectives of the MOUs are inter alia to:
In particular, the FCS signed a Memorandum of Understanding (MOU) with the
Financial Intelligence Unit(FIU) which describes the ways in which both institutions will cooperate in preventing Money Laundering and the Financing of Terrorism. The FCS, in compliance with Section 22 of the Financial Intelligence and Anti-Money Laundering Act 2002, forwards any information on the possibility of a money laundering offence or suspicious transaction to the FIU.
Eastern and Southern Africa Anti-Money Laundering Group(ESAAMLG), an associate member of FATF and is committed to implementing the FATF recommendations regionally.
The FCS ensures, as part of its surveillance mechanism, that there is proper dissemination of investor alerts and warnings from international bodies such as
IOSCOand other regulatory bodies to relevant stakeholders. These investor alerts and warnings typically refer to entities which are not authorised to provide investment services from the relevant jurisdiction.