Grenada’s Financial Watchdogs: A Crucial Role in Preventing Financial Crime

The Evolution of Regulatory Landscape in Grenada

The regulatory landscape in Grenada has undergone significant changes over the years, with the establishment of the Single Regulatory Unit (SRU), also known as GARFIN. This authority is responsible for consolidating supervision of the non-bank financial sector under one roof.

Mission and Responsibilities

At its core, GARFIN’s mission is to promote and maintain public confidence in the financial system by effectively regulating and supervising designated non-bank financial institutions. In a bid to ensure stability and integrity within the sector, GARFIN has taken on a multitude of responsibilities, including:

• Credit Unions: Operating under the umbrella of the Cooperative Societies Act No. 8/2011
• Insurance Companies: Licensed to conduct business in Grenada, with twenty-six entities currently registered
• International Businesses: Eight Registered Agents acting as intermediaries for incorporation and registration of International Business Companies (IBCs)
• Money Service Businesses: Regulated by GARFIN, overseeing the transmission and conversion of money through non-financial channels

The Importance of Confidence in the Financial Sector

In today’s economic climate, confidence in the financial sector is more crucial than ever. As such, GARFIN’s role becomes increasingly vital in maintaining stability and preventing financial crime. By effectively regulating and supervising non-bank financial institutions, GARFIN plays a critical part in ensuring that Grenada’s economy remains strong and resilient.

Grenada’s financial watchdogs play a crucial role in preventing financial crime, ensuring the stability and integrity of the island nation’s financial sector. Their mission to promote public confidence in the financial system is essential for maintaining a robust and resilient economy.