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 | 68 |
Grenada is committed to combating corruption, being a party to the Inter-American Convention against Corruption and enforcing the Integrity in Public Life Act, which mandates public servants to disclose their income and assets. The Office of the Ombudsman received 31 complaints in 2021, with the majority involving private entities and the Ministry of Labor, while bribery is illegal and anti-bribery laws are effectively enforced. Although Grenada has not signed the OECD Convention against Bribery, U.S. firms do not view corruption as a barrier to foreign direct investment.
Economy
Grenada's economy is characterized by a strong legal framework for business, political stability, and a favorable investment climate, particularly in the tourism sector. The country has experienced robust growth, with a projected GDP growth of close to 7% in 2023, driven by construction and tourism, and it continues to attract significant foreign direct investment, averaging $100 million annually.
Grenada offers a favorable investment climate characterized by political stability, a strong legal framework, and a range of tax incentives for both national and international investors. The Grenada Investment Development Corporation (GIDC) facilitates foreign direct investment, with over 90 percent of applications for investment incentives being approved, highlighting the country's commitment to attracting investment. Additionally, Grenada's Investment Migration Agency (CBI) has seen significant revenue growth, further enhancing its appeal as an investment destination.
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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
