Grenada has been off European organizations financial monitoring bodies black lists in recent publications and intends to stay that way.
Addressing the opening ceremony of a workshop between the FIU and AML\CFT Commission, FIU head Tafawa Pierre says Grenada is finalizing documents for the fourth round of evaluations, which forms part of the upcoming Caribbean Financial Action Task Force (CFATF) Mutual Evaluation of Grenada in 2020.
According to Pierre, some adjustments were made to the document which started two years ago, after Grenada received a low grading from the third round onsite evaluations in 2008-2009.
Evaluators from CFATF countries will conduct evaluations, using the forty recommendations as a guide.
This in turn will determine weather of not countries like Grenada meets required standards.
The first day of the workshop will place emphasis on the technical questionnaire, which highlights why record keeping is very important.
Pierre explains that a grey listing means your country has not been doing enough to prevent or detect money laundering within the financial scope and system. He says the team already have the technical compliance questionnaire that precedes the evaluation, so for Grenada the process has already begun.
Failure to meet compliance can see the country losing in a number of areas.
Participants at the workshop come from Governments Departments, Financial Institutions and Designated Non- Financial Business and Professions.
