Grenada Country Summary
Sanctions
No
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Grenada is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Grenada was undertaken in 2022. According to that Evaluation, Grenada was deemed Compliant for 8 and Largely Compliant for 9 of the FATF 40 Recommendations. It was deemed Highly effective for 0 and Substantially Effective for 0 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 53 |
| World Bank: Control of Corruption Percentile Rank | 67 |
Grenada has implemented measures to combat corruption, including the Integrity in Public Life Act, which mandates public servants to report their income and assets to an independent commission. The Office of the Ombudsman received 31 complaints in 2021, with the majority concerning private entities and the Ministry of Labor. While bribery is illegal and anti-bribery laws are generally enforced effectively, Grenada has not signed the OECD Convention against Bribery, and U.S. firms do not view corruption as a barrier to foreign direct investment.
Economy
Grenada's economy is experiencing a strong recovery, with a real growth rate of 7.4 percent in 2022 and an expected growth of close to 7 percent in 2023, largely driven by the tourism and construction sectors. The country attracts significant foreign direct investment, averaging $100 million annually, bolstered by a robust legal framework, tax incentives, and a favorable investment climate, particularly through its Investment Migration Agency.
Grenada offers a favorable investment climate characterized by political stability, a strong legal framework, and a range of tax incentives for both local and foreign investors. The Grenada Investment Development Corporation (GIDC) plays a crucial role in facilitating investments, with over 90% of applications for investment incentives being approved, reflecting the country's commitment to attracting foreign direct investment, particularly in sectors like tourism and agribusiness.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
