Financial Crime World

Grenada Authority for the Regulation of Financial Institutions Submits Business Plan to Minister

The Grenada Authority for the Regulation of Financial Institutions (GARFI) has submitted its business plan to the Minister of Finance, Economic Planning and Information Technology, Honorable Gregory Bowen. The proposed business plan outlines the GARFI’s strategy for the upcoming financial year, including plans for implementing new regulations, enhancing supervision of financial institutions, and improving communication with stakeholders.

Key Objectives

  • Implement new regulations to ensure stability and soundness of the financial sector
  • Enhance supervision of financial institutions to maintain confidence in the sector
  • Improve communication with stakeholders to ensure transparency and accountability

Review and Approval Process

The Minister has received the proposal and will review it carefully before making a decision on its approval. The GARFI is required to submit its business plan to the Minister for approval under the Financial Institutions Act, 2000.

Minister’s Commitment

In an interview, Honorable Gregory Bowen expressed his commitment to reviewing the proposal carefully before making a decision on its approval:

“As Minister of Finance, Economic Planning and Information Technology, it is my responsibility to ensure that the business plan submitted by the GARFI aligns with the government’s economic goals and objectives. I will review the proposal thoroughly and consult with relevant stakeholders before making a decision on its approval.”

Implementation and Monitoring

Once approved, the GARFI will be responsible for implementing the business plan, which includes monitoring the Authority’s financial performance and ensuring that it remains financially sustainable. The GARFI has also committed to establishing a mechanism for monitoring the implementation of the business plan and reporting its progress regularly to stakeholders.

Stakeholder Engagement

The GARFI is encouraging all stakeholders, including financial institutions, investors, and members of the public, to provide feedback on the proposed business plan. Stakeholder engagement is essential for ensuring that the business plan aligns with the needs and expectations of all parties involved.

Contact Information

For more information on the proposed business plan or to provide feedback, please contact the Grenada Authority for the Regulation of Financial Institutions at [insert contact details].