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Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
Grenada is not a regional financial center. As a transit location,
money laundering in Grenada is primarily related to smuggling
and drug trafficking. Illicit proceeds are typically laundered
through a wide variety of businesses, as well as through the
purchase of real estate, boats, jewelry, and cars.
Grenada uses the East Caribbean dollar and its monetary
authority is the Eastern Caribbean Central Bank (ECCB). The
ECCB has supervision responsibility for Grenada’s commercial
banks. Seven other island economies are also members of the
ECCB: Anguilla, Antigua and Barbuda, Dominica, St. Lucia,
Montserrat, St Kitts and Nevis, and St Vincent and the
Grenadines. The existence of this common currency may raise
the risk of money laundering, but there is little evidence that the
EC dollar is a primary vehicle for money laundering.
Grenada’s domestic financial sector is comprised of 26 registered
domestic insurance companies, 12 credit unions, and five money
remitters. Grenada has one trust company and, as of November
2008, there were 1,580 international business companies (IBCs);
however, in 2010 the GOG reported only 73 IBCs. There is one
International Betting Company licensed to conduct business in
Grenada, but no casinos or Internet gaming sites in operation.
There are no free trade zones in Grenada.
Bearer shares are not permitted for offshore banks. Registered
agents are required by law to verify the identity of the beneficial
owners of all shares. In addition, the International Companies Act
requires registered agents to maintain records of the names and
addresses of company directors and beneficial owners of all
shares.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: NO
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks, agricultural credit institutions, money
exchangers, accountants, notaries, gaming centers, auto dealers
and securities dealers
Enhanced due diligence procedures for PEPs: Foreign: NO
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks; agricultural credit institutions; money
exchangers and remitters; casinos and gaming centers; securities
dealers; the stock exchange; insurance; precious gem dealers;
real estate intermediaries; and lawyers, notaries, and accountants
Number of STRs received and time frame: 100 in 2010
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Four in 2008, two still pending in 2010
Convictions: 0
Assets forfeited: criminally: Not available civilly: Not applicable
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Grenada is a member of the Caribbean Financial Action Task
Force (CFATF), a Financial Action Task Force (FATF)-style
regional body. Its most recent mutual evaluation can be found
here: http://www.cfatf-gafic.
org/downloadables/mer/Grenada_3rd_Round_MER_(Final)
_English.pdf
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Grenada should become a party to the UN Convention against
Corruption.
The anti-money laundering guidelines, such as STR reporting
requirements, beneficial ownership identification, and record
keeping, should become mandatory rules.
The Government of Grenada should establish an asset forfeiture
and confiscation regime and establish mechanisms to identify and
regulate alternative remittance systems. It should also increase
due diligence requirements and require banks to gather
information about their correspondent banks; establish large
currency transaction reporting requirements and a cross-border
currency declaration system; and explicitly prohibit shell banks.
Dealers in precious metals and jewelry should become subject to
AML reporting requirements. To improve the conduct of money
laundering investigations, the FIU should improve coordination
with other law enforcement bodies.
To strengthen its legal framework against money laundering,
Grenada should move expeditiously to become a party to the UN
Convention against Corruption and should be very cautious if it
decides to redevelop its offshore financial sector.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
The Eastern Caribbean (EC), encompassing the seven
independent countries of Antigua and Barbuda, Barbados,
Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent
and the Grenadines, is situated directly in the corridor for illicit
narcotics transshipment primarily from Venezuela to North
America, Europe, and domestic Caribbean markets. A 2011 UN
report found violent crime, much of which is linked to the drug
trade, reaching epidemic proportions in the region. Marijuana is a
staple crop in the region and cultivated primarily for local use.
Police in the region do not have the equipment or training they
need to be effective. Outmoded criminal codes hinder a strong
response to organized crime groups. The Regional Security
System (RSS), a treaty-based international body to which all
seven nations belong, has begun a regional polygraph vetting
program, but corruption remains a stubborn problem in some
countries, undermining trust within and between EC law
enforcement organizations. Collectively, the EC nations
communicate and coordinate poorly in attacking transnational
crime. The EC islands and the RSS participate in the U.S. led
Caribbean Basin Security Initiative (CBSI). CBSI-funded law
enforcement training began in the first half of 2011. CBSI funded
equipment deliveries will begin in the first half of 2012. All EC
countries are signatories to the 1988 UN Convention against Illicit
Traffic in Narcotic Drugs and Psychotropic Substances.
Grenada’s strategic location in the drug transit corridor makes it a
prime refueling stop for traffickers, who exploit the remote cays
and uninhabited islands. Grenada has a multi-dimensional plan to
target major traffickers through enhanced regional and
international cooperation. A special drug squad targets major
traffickers, along with joint initiatives with the Financial Intelligence
Unit.
Grenada uses border-control data, searches, profiling at ports of
entry, and regional and international assistance in identifying
traffickers. Legislation requires record-keeping and reporting on
precursor chemicals, and also on the importation of
pseudoephredrine, ephedrine and pharmaceutical products
containing those two chemicals.
Grenada is a party to the three UN Drug Conventions As well as
the Inter-American Convention Against Corruption, the Inter-
American Convention on Mutual Assistance in Criminal Matters,
the Inter-American Firearms Convention, the UN Convention
against Transnational Organized Crime and its three Protocols,
and the Inter-American Convention Against Terrorism. Lastly,
Grenada has a comprehensive maritime counterdrug bilateral
agreement, an extradition treaty and a Mutual Legal Assistance
Treaty in force with the United States.
Farmers grow cannabis on small plots in mountainous areas,
accessible only on foot. In 2011, Grenada seized 3,390 cannabis
plants in 25 eradication exercises. Grenadian officials seized 175
kg of cannabis, 1,478 cannabis cigarettes, 12 kg of cocaine, and
513 crack balls. They encountered no drug laboratories.
Grenadian officials arrested 350 persons for drug related
offenses. Officials did not provide information on prosecutions
and convictions this year. Cocaine seizures are lower than
previous years. Drug squad operational effectiveness is
hampered by the lack of marine support, vehicles, and equipment
support, especially computers.
Substance abuse treatment is provided at Mt. Gay Mental
Hospital. Cannabis is the most prevalent drug used in Grenada. A
small percentage of drug abusers use crack cocaine. The
National Council on Drug Control conducts school and media
demand reduction programs.
For Full report, click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011:
Grenada is not a regional financial center. As a transit location,
money laundering in Grenada is primarily related to smuggling
and drug trafficking. Illicit proceeds are typically laundered
through a wide variety of businesses, as well as through the
purchase of real estate, boats, jewelry, and cars.
Grenada uses the East Caribbean dollar and its monetary
authority is the Eastern Caribbean Central Bank (ECCB). The
ECCB has supervision responsibility for Grenada’s commercial
banks. Seven other island economies are also members of the
ECCB: Anguilla, Antigua and Barbuda, Dominica, St. Lucia,
Montserrat, St Kitts and Nevis, and St Vincent and the
Grenadines. The existence of this common currency may raise
the risk of money laundering, but there is little evidence that the
EC dollar is a primary vehicle for money laundering.
Grenada’s domestic financial sector is comprised of 26 registered
domestic insurance companies, 12 credit unions, and five money
remitters. Grenada has one trust company and, as of November
2008, there were 1,580 international business companies (IBCs);
however, in 2010 the GOG reported only 73 IBCs. There is one
International Betting Company licensed to conduct business in
Grenada, but no casinos or Internet gaming sites in operation.
There are no free trade zones in Grenada.
Bearer shares are not permitted for offshore banks. Registered
agents are required by law to verify the identity of the beneficial
owners of all shares. In addition, the International Companies Act
requires registered agents to maintain records of the names and
addresses of company directors and beneficial owners of all
shares.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: All serious crimes
Legal persons covered: criminally: YES civilly: NO
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks, agricultural credit institutions, money
exchangers, accountants, notaries, gaming centers, auto dealers
and securities dealers
Enhanced due diligence procedures for PEPs: Foreign: NO
Domestic: NO
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks; agricultural credit institutions; money
exchangers and remitters; casinos and gaming centers; securities
dealers; the stock exchange; insurance; precious gem dealers;
real estate intermediaries; and lawyers, notaries, and accountants
Number of STRs received and time frame: 100 in 2010
Number of CTRs received and time frame: Not available
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: Four in 2008, two still pending in 2010
Convictions: 0
Assets forfeited: criminally: Not available civilly: Not applicable
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Grenada is a member of the Caribbean Financial Action Task
Force (CFATF), a Financial Action Task Force (FATF)-style
regional body. Its most recent mutual evaluation can be found
here: http://www.cfatf-gafic.
org/downloadables/mer/Grenada_3rd_Round_MER_(Final)
_English.pdf
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Grenada should become a party to the UN Convention against
Corruption.
The anti-money laundering guidelines, such as STR reporting
requirements, beneficial ownership identification, and record
keeping, should become mandatory rules.
The Government of Grenada should establish an asset forfeiture
and confiscation regime and establish mechanisms to identify and
regulate alternative remittance systems. It should also increase
due diligence requirements and require banks to gather
information about their correspondent banks; establish large
currency transaction reporting requirements and a cross-border
currency declaration system; and explicitly prohibit shell banks.
Dealers in precious metals and jewelry should become subject to
AML reporting requirements. To improve the conduct of money
laundering investigations, the FIU should improve coordination
with other law enforcement bodies.
To strengthen its legal framework against money laundering,
Grenada should move expeditiously to become a party to the UN
Convention against Corruption and should be very cautious if it
decides to redevelop its offshore financial sector.
____________________________________________________
US State Dept Narcotics Report 2012 (introduction):
The Eastern Caribbean (EC), encompassing the seven
independent countries of Antigua and Barbuda, Barbados,
Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent
and the Grenadines, is situated directly in the corridor for illicit
narcotics transshipment primarily from Venezuela to North
America, Europe, and domestic Caribbean markets. A 2011 UN
report found violent crime, much of which is linked to the drug
trade, reaching epidemic proportions in the region. Marijuana is a
staple crop in the region and cultivated primarily for local use.
Police in the region do not have the equipment or training they
need to be effective. Outmoded criminal codes hinder a strong
response to organized crime groups. The Regional Security
System (RSS), a treaty-based international body to which all
seven nations belong, has begun a regional polygraph vetting
program, but corruption remains a stubborn problem in some
countries, undermining trust within and between EC law
enforcement organizations. Collectively, the EC nations
communicate and coordinate poorly in attacking transnational
crime. The EC islands and the RSS participate in the U.S. led
Caribbean Basin Security Initiative (CBSI). CBSI-funded law
enforcement training began in the first half of 2011. CBSI funded
equipment deliveries will begin in the first half of 2012. All EC
countries are signatories to the 1988 UN Convention against Illicit
Traffic in Narcotic Drugs and Psychotropic Substances.
Grenada’s strategic location in the drug transit corridor makes it a
prime refueling stop for traffickers, who exploit the remote cays
and uninhabited islands. Grenada has a multi-dimensional plan to
target major traffickers through enhanced regional and
international cooperation. A special drug squad targets major
traffickers, along with joint initiatives with the Financial Intelligence
Unit.
Grenada uses border-control data, searches, profiling at ports of
entry, and regional and international assistance in identifying
traffickers. Legislation requires record-keeping and reporting on
precursor chemicals, and also on the importation of
pseudoephredrine, ephedrine and pharmaceutical products
containing those two chemicals.
Grenada is a party to the three UN Drug Conventions As well as
the Inter-American Convention Against Corruption, the Inter-
American Convention on Mutual Assistance in Criminal Matters,
the Inter-American Firearms Convention, the UN Convention
against Transnational Organized Crime and its three Protocols,
and the Inter-American Convention Against Terrorism. Lastly,
Grenada has a comprehensive maritime counterdrug bilateral
agreement, an extradition treaty and a Mutual Legal Assistance
Treaty in force with the United States.
Farmers grow cannabis on small plots in mountainous areas,
accessible only on foot. In 2011, Grenada seized 3,390 cannabis
plants in 25 eradication exercises. Grenadian officials seized 175
kg of cannabis, 1,478 cannabis cigarettes, 12 kg of cocaine, and
513 crack balls. They encountered no drug laboratories.
Grenadian officials arrested 350 persons for drug related
offenses. Officials did not provide information on prosecutions
and convictions this year. Cocaine seizures are lower than
previous years. Drug squad operational effectiveness is
hampered by the lack of marine support, vehicles, and equipment
support, especially computers.
Substance abuse treatment is provided at Mt. Gay Mental
Hospital. Cannabis is the most prevalent drug used in Grenada. A
small percentage of drug abusers use crack cocaine. The
National Council on Drug Control conducts school and media
demand reduction programs.
For Full report, click here
____________________________________________________
US State Dept Trafficking in Persons Report 2011
(introduction):
No report available
US State Dept Terrorism Report 2009
No report available
____________________________________________________
Links:
Worldwide AML Legislation (International Bar Association)
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*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| GRENADA |
| KnowYourCountry |
|
|
| Last Updated: 16 April 2012 |