Caribbean Financial Action Task Force re-rates Grenada on 11 FATF recommendations, raising compliant or largely compliant ratings to 31 of 40

The Caribbean Financial Action Task Force has published Grenada’s fourth enhanced follow-up report, concluding that the jurisdiction has improved its technical compliance with the FATF standards since its 2022 mutual evaluation. The report re-rates Grenada on 11 recommendations, leaving it rated compliant or largely compliant on 31 of the 40 FATF Recommendations. The follow-up focuses on technical compliance deficiencies identified in the earlier mutual evaluation rather than on effectiveness. The upgrades cover terrorist financing and preventive and supervisory measures. Recommendation 5 on the terrorist financing offence was raised to largely compliant from partially compliant, and Recommendation 6 on targeted financial sanctions related to terrorism and terrorist financing was raised to partially compliant from non-compliant. Grenada was also upgraded to compliant on record keeping, politically exposed persons, internal controls and foreign branches and subsidiaries, and powers of supervisors. It was upgraded to largely compliant on payment transparency, reliance on third parties, higher-risk countries, designated non-financial businesses and professions other measures, and sanctions.