FIU workshop for upcoming evaluation from CFTATF

With the objective to find out where Grenada is in terms of technical compliance with standards from the Caribbean Financial Action Task Force (CFTATF), a workshop involving multi-sectoral stakeholders was held by the Financial Intelligence Unit (FIU).

The workshop had representatives from financial institutions, government offices, and the law and legal professions

Representatives from Government Departments, Financial Institutions and Designated Non-Financial Business and Professions (DNFBPs) convened at the National Stadium last Thursday to begin the process of a mutual evaluation due for Grenada in 2020, by completing a technical compliance questionnaire.

According to Head of the FIU, Assistant Superintendant of Police, Tafawa Pierre, the questionnaire precedes the evaluation that is expected to take place in the second quarter of 2020.

“We get to add information concerning technical compliance, whether we have certain laws in place, we have to add statistics, just to ensure that we are in line with the Financial National Task Force…”, he said.

The FIU Chief disclosed that in the second quarter of 2020 a team will visit Grenada for two weeks to “look at our laws, look at our statistics, speak to the players involved and I mean the government officials, police, people involved in the banks, real estate, car dealerships to get a sense of whether or not the legislation you have in place are indeed effective on the ground”.

“…We have to now show the products or the results of what we have been doing all of these years,” he said.

Noting that it is a national process, ASP Pierre explained the reason why banks, credit unions, police, government officials and other stakeholders are being targeted.

“…What we are trying to say is that this process requires all hands on deck – it’s indeed a national process. There is much national implications, so if we are rated purely in some fundamental areas that shows the country in a bad light, we can be listed unfavourably and it has direct effects on our financial system, on our banking system, on our corresponding banking relationship, on our ability to do business with foreign investment and otherwise”, he said.

According to ASP Pierre, it is important to get “all the stakeholders involved to ensure that we have a national understanding of how important every entity is”.

“…I am trusting that our work will pay off and you don’t want to speak too quickly because it is quite a complex and intricate and very subjective process, but I think we have been doing quite a substantial amount of work. We need a measure of political will and what I am most optimistic about is the involvement and the collaboration from the private sector and also we’ll be able to show that we at least understand the process, so I am optimistic,” he remarked.

This is the second time Grenada is being evaluated with the first being done in 2009.

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