Grenada Hosts Training In Anti-Money Laundering Process For Stakeholders Ahead Of Upcoming Mutual Evaluation Review

Stakeholders in the public and private sectors are this week receiving training in anti-money laundering and countering terrorist financing processes, in preparation for Grenada’s Mutual Evaluation Review next year. 

The three-day training is intended to foster greater understanding of the technical issues associated with the mutual evaluation as well as develop a structure to adequately facilitate the onsite peer review. 

The evaluation itself, scheduled for June 2020, will determine Grenada’s technical/legislative compliance and effectiveness with the FATF’s 40 recommendations which focus on anti-money laundering, countering the financing of terrorism and the proliferation of weapons of mass destruction. 

Delivering remarks on day one of the training session Wednesday, Prime Minister and Minister of Finance and National Security, Dr. the Right Honourable Keith Mitchell said Grenada is committed to ensuring adherence to international standards to combat money laundering and terrorist financing. 

He said, “Government for its part, continues to demonstrate an unwavering commitment to anti-money laundering and combating terrorist financing. Throughout the years, Grenada has made significant strides in ensuring that the legislative regime is robust, current and in keeping with international standards and serves adequately as the primary tool in the fight against these crimes.” 

The Prime Minister cited the passage of various pieces of legislation as also being indicative of Government’s commitment to anti-money laundering. He spoke too of the recent establishment of the operational component of the AML/CTF Commission, facilitating the execution of some functions, such as inspections. 

Dr. Mitchell applauded the efforts of the lead agencies and stakeholders for their ongoing role in anti-money laundering initiatives and protecting the reputation of the country. 

He said, “I thank you on behalf of the Government and people of Grenada for your invaluable contribution to protecting the reputation of this country. When the country’s reputation is protected, business prospects are also enhanced.” 

The Prime Minister and Minister of National Security singled out the Royal Grenada Police Force for its strong adherence to laws, policies and procedures that protect the country against criminal elements. 

He also recognised the critical technical support provided by the CFATF over the years and gave assurances of Grenada’s ongoing commitment to the agency. 

The AML/CTF Pre-Assessment Training is organised by the Caribbean Financial Action Task Force (CFATF), in collaboration with the Anti-Money Laundering and Combatting Terrorist Financing Commission. The three-day training is funded by the 11th European Development Fund. 

Attorney General, Mr. Darshan Ramdhani, who is also chair of the AML/CTF Commisison and Head of the Financial Intelligence Unit, Mr. Tafawa Pierre also delivered remarks at Wednesday’s opening session.