Grenada

New Documents

The Organization of American States published a Multilateral Evaluation Mechanism report focused on Grenada’s progress in implementing the Inter-American Drug Abuse Control Commission Hemispheric Plan of Action on Drugs 2016-2020, including its anti-money laundering efforts.

The Eastern Caribbean Central Bank published its 2018-2019 Annual Report for the fiscal year ending March 31, 2019, which focuses on monetary stability and its application of the risk-based approach in combating money laundering and terrorist financing.

News

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department characterizes Grenada as a jurisdiction of primary concern. Grenada's close proximity to drug shipment routes from Venezuela to the United States and Europe makes it a transit point. Money laundering in Grenada is primarily related to smuggling and narcotics trafficking by local organized crime groups. Illicit proceeds are typically laundered through a wide variety of businesses, as well as through the purchase of real estate, boats, jewelry and cars. Even though offshore banking, trust companies and international business companies are allowed, there remains no offshore banking in Grenada. There are no casinos or Internet gaming sites in operation. Bearer shares are prohibited and the International Companies Act requires registered agents to maintain records of the names and addresses of company directors and beneficial owners of all shares. There are also no free trade zones in Grenada.
-Source: 2017 International Narcotics Control Strategy Report (INCSR)
  • KYC Covered Entities:  Commercial, investment, and merchant banks and building societies; trusts and trust companies; insurance companies; registered agents; exchange bureaus, money and funds remitters, and postal courier services; credit unions; lending, factoring, and forfeiting firms; check cashing services; financial leasing; venture risk capital; issuers and administrators of means of payment; guarantors; investment and funds traders, advisors, and underwriters; bullion dealers; financial intermediaries; custody services; asset management services; company formation and management services; collective investment schemes and mutual funds; real estate agents; casinos, internet gaming, pool betting, and lottery agents; lawyers, accountants, and notaries
  • STR Covered Entities:  Commercial, investment, and merchant banks and building societies; trusts and trust companies; insurance companies; registered agents; exchange bureaus, money and funds remitters, and postal courier services; credit unions; lending, factoring, and forfeiting firms; check cashing services; financial leasing; venture risk capital; issuers and administrators of means of payment; guarantors; investment and funds traders, advisors, and underwriters; bullion dealers; financial intermediaries; custody services; asset management services; company formation and management services; collective investment schemes and mutual funds; real estate agents; casinos, internet gaming, pool betting, and lottery agents; lawyers, accountants, and notaries
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 5 (2015); Convictions: 5 (2015)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 4 High :
Largely Compliant : 9 Substantial :
Partially Compliant : 12 Moderate :
Non-Compliant : 24 Low :

BASEL i

Rank : 115/141
Score : 4.12/10

TRANSPARENCY INTERNATIONAL i

Rank : 51/180
Score : 53/100

Tax Justice Network i

Rank : 126/133
Score : 71/100