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A Brief History of Financial Regulation in Grenada

Grenada’s financial regulatory framework has undergone significant changes over the years, with a major milestone being the establishment of GARFIN, the Single Regulatory Unit for the non-bank financial sector. The creation of GARFIN marked a pivotal moment in the country’s financial history, as it consolidated supervision of the non-bank financial sector under one authority.

Promoting Public Confidence in Grenada’s Financial System

The mission of GARFIN is clear: to promote and maintain public confidence in, and the integrity of the financial system in Grenada through effective regulation and supervision of designated non-bank financial institutions. In a world where economic instability can have far-reaching consequences, GARFIN plays a critical role in ensuring stability in the financial sector.

Key Responsibilities

• Regulating and supervising the non-bank financial sector in Grenada
• Administering legislation related to credit unions, insurance companies, international business companies (IBCs), and money service businesses

Regulating Non-Bank Financial Institutions

GARFIN is responsible for regulating and supervising the following types of institutions:

Credit Unions: A Key Part of Grenada’s Financial Landscape

Credit unions are regulated under the Cooperative Societies Act No. 8/2011, which provides a framework for their operations. With this legislation in place, credit unions can provide essential financial services to members while maintaining the trust and confidence of the public.

Insurance Companies: A Growing Sector

Grenada is home to twenty-six licensed insurance companies, which offer a range of products to consumers. This sector plays a vital role in providing protection against risk and uncertainty, helping to promote stability and economic growth.

International Business Companies: Facilitating Global Trade

Eight registered agents act as intermediaries for the incorporation or registration of IBCs in Grenada. These IBCs are often used by international companies looking to establish a presence in the country, taking advantage of its favorable business environment and tax regime.

Money Service Businesses: Providing Essential Financial Services

Money service businesses play a crucial role in facilitating financial transactions between individuals and businesses. While not banks, these businesses provide essential services that help to promote economic growth and development.

In Conclusion

The history of financial regulation in Grenada is marked by significant milestones, including the establishment of GARFIN and the creation of legislation governing credit unions, insurance companies, IBCs, and money service businesses. These developments have helped to establish Grenada as a stable and attractive destination for financial institutions and international businesses alike.