Regulatory Alerts2002-04-01 | FinCEN Advisory - Issue 31Added
Transactions Involving Grenada (FinCEN Advisory - Issue 31)
Banks and other financial institutions operating in the United States are advised to give enhanced scrutiny to all financial transactions originating in, routed to, or through Grenada, or involving entities organized or domiciled, or persons maintaining accounts, in Grenada. This guidance follows the identification of serious systemic deficiencies in Grenada's counter-money laundering regime, including secrecy laws and limited supervisory cooperation, which led to its designation as non-cooperative by the Financial Action Task Force. Institutions subject to suspicious transaction reporting rules must carefully examine available facts to determine if reporting is required, while the Treasury Department confirms that such reports will be considered valid for safe harbor protections under 31 U.S.C. 5318(g)(2) and (g)(3).