Grenada’s Financial Reporting Regulations Under Scrutiny: GARFIN Takes Centre Stage

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The Grenada Authority for Financial Intelligence (GARFIN) has taken the reins as the single regulatory unit responsible for overseeing the country’s non-bank financial sector, aimed at promoting public confidence and maintaining the integrity of the financial system.

Regulatory Responsibilities

In a bid to ensure stability in the financial sector, GARFIN is tasked with regulating and supervising designated non-bank financial institutions, including:

• Credit unions under the Cooperative Societies Act No. 8/2011
• Twenty-six insurance companies licensed to conduct business in Grenada
• International companies
• Money service businesses

Intermediaries for IBCs

Eight registered agents act as intermediaries for the incorporation and registration of International Business Companies (IBCs).

GARFIN’s Role in Maintaining Financial Stability

GARFIN’s role assumes even greater significance in today’s turbulent economic climate, where confidence and stability in the financial sector are critical for overall economic development. As the country navigates these challenging times, GARFIN is well-positioned to play a crucial role in maintaining public trust and ensuring the integrity of the financial system.

Impact on Grenada’s Financial Landscape

With its impressive array of regulatory responsibilities, GARFIN is poised to make a significant impact on Grenada’s financial landscape. As the country continues to navigate economic challenges, GARFIN’s expertise will be crucial in promoting public confidence and maintaining the integrity of the financial system.