Grenada’s Financial Regulatory Bodies Crack Down on Anti-Money Laundering Efforts

Strengthening Public Confidence in the Financial System

In a move to bolster public confidence in the financial system, Grenada’s Single Regulatory Unit (SRU), also known as GARFIN, has ramped up its efforts to regulate and supervise the non-bank financial sector. The agency is responsible for administering a wide range of legislation aimed at ensuring the integrity of the financial system.

The Importance of GARFIN’s Role

According to sources, GARFIN plays a vital role in maintaining confidence and stability in the financial sector, which is critical for the overall development of the economy. In today’s turbulent economic climate, the agency’s responsibilities have become even more significant.

Key Responsibilities of GARFIN

• Regulates credit unions under the Cooperative Societies Act No. 8/2011
• Oversees twenty-six insurance companies licensed to conduct business in Grenada
• Monitors eight Registered Agents that act as intermediaries for the incorporation and registration of international businesses (IBCs)
• Regulates money service businesses, including:
  • Money transfer services
  • Currency exchange providers

Combating Anti-Money Laundering Activities

GARFIN has set its sights on preventing anti-money laundering activities in the non-bank financial sector. The agency’s efforts have been praised by industry experts, who say that GARFIN’s commitment to combating financial crime is crucial in maintaining the integrity of Grenada’s financial system.

GARFIN’s Commitment to Effective Regulation

In a statement, GARFIN officials said:

“Our mission is to promote and maintain public confidence in, and the integrity of the financial system in Grenada through effective regulation and supervision. We will continue to work closely with stakeholders to ensure that our regulatory framework is robust and effective in preventing anti-money laundering activities.”