Functions of the FIU include:
- Receipt, retention and analysis of suspicious transaction reports:
- Collection of other information relevant to performing its functions;
- Seizure of proceeds of crime;
- Inform financial and business institutions as to their obligations relating to detecting, preventing and deterring money laundering and terrorist financing;
- Investigation of matters arising from suspicious transaction reports, money laundering, terrorist financing and other financial crimes.
Powers of the FIU
Where after the analysis of a suspicious transaction or suspicious activity report from the financial institution or listed businesses the Head of the FIU is of the view that further information may disclose that a specified offence has been or may be committed or the proceeds of crime are or may be in Grenada or elsewhere, he may:
Request further information from a financial institution or listed business within a specified time, which information shall be provided accordingly; or
After the FIU has concluded its analysis or evaluation of a suspicious transfer or activity report, and in which the Head of the FIU is of the view that circumstances warrant investigation:
A report shall be submitted to the relevant law enforcement authority for investigation to determine whether a money laundering offence has been committed, or whether the proceeds of crime is in Grenada or elsewhere.
Co-operation and liaison with other authorities and persons
- The FIU may, in the performance of its functions, co-operate and liaise with:
- The OECS Central Bank and any other agency of Government;
- The relevant authorities specified by or under a treaty for cooperation.
- Any person who in the opinion of the Head of the FIU can assist in the provision of information relevant to an analysis of intelligence or other information.
Obligation of Financial and Business Institutions
Under the Proceeds of Crime Act and Guidelines issued by the Supervisory Authority; financial institution, relevant businesses and designated non financial business and professions are required to:
Monitor transaction to identify suspicious transaction and report such transactions to the FIU;
- Verify the true identity of customers;
- Maintain effective record keeping;
- Develop and implement a compliance program, which includes:
- A system of internal control to ensure compliance;
- Internal and external independent testing for compliance;
- Training of personnel on the identification of suspicious transactions;
- Appointment of a compliance officer responsible for continual compliance.