Financial Crime World

Grenada Financial Services Authority Act: Key Provisions

The Grenada Financial Services Authority Act, Chapter 19A of the Laws of Grenada Revised Edition Volume 4 2013, outlines various provisions related to the authority’s financial management, reporting, and regulatory functions.

Annual Reports

  • The Authority is required to prepare an annual report on its implementation of the business plan and other matters as may be directed by the Minister.
  • This report must include a statement of assets and liabilities, revenue and expenditure, and any other financial statements specified in writing by the Minister.
  • A copy of the audit report together with the financial statements and annual report must be submitted to the Minister.

Audit by Director of Audit

  • The Director of Audit is responsible for auditing the Authority’s financial statements within three months after receipt from the Authority.
  • Once the report is presented to Parliament, the Authority must cause it to be published in the Gazette.

Presentation to Parliament and Publication

  • The Minister must lay the report, financial statements, and annual report before the House of Representatives within seven days after it first meets after receiving the report. If the Minister fails to do so, the Director of Audit shall transmit the report to the Speaker who will present it to the House as soon as practicable.
  • Once the report is presented to Parliament, the Authority must cause it to be published in the Gazette.

Submission to Minister

  • The Authority must submit an annual report on its transactions during the previous financial year together with audited balance sheet and income and expenditure accounts by April 30th of each year.

Additional Provisions

  • Transferring Assets and Liabilities: Transferring assets and liabilities from the Grenada International Financial Services Authority to the new authority.
  • Requiring Entities to Provide Information: Requiring entities regulated by the Authority to provide necessary information, including audited financial statements.
  • Imposing Fees: Imposing fees on persons for acts done under the Act or any enactment referred to in the First Schedule.
  • Late Filing Penalties: Imposing late filing penalties on persons who fail to file returns or other information required by the Act.