Grenada’s Financial Watchdog Ensures Compliance with Regulations

The Single Regulatory Unit (GARFIN) is the primary authority responsible for overseeing the non-bank financial sector in Grenada. Established through the GARFIN Act, this consolidated regulatory body aims to promote public confidence and integrity within the country’s financial system.

Importance of GARFIN

GARFIN plays a crucial role in maintaining stability in the financial sector, which is vital for overall economic development. In today’s turbulent economic climate, the agency’s significance has become even more pronounced.

Key Responsibilities

• Regulating and supervising credit unions, insurance companies, international companies, and money service businesses

Regulation of Financial Institutions

• Credit Unions: Subject to regulation under the Cooperative Societies Act No. 8/2011
• Insurance Companies: 26 licensed insurance companies operate in Grenada
• International Business Companies (IBCs): 8 registered agents act as intermediaries for incorporation and registration
• Money Services Businesses: Transmit or convert money, subject to GARFIN’s regulatory oversight

Ensuring Compliance

GARFIN ensures that all non-bank financial institutions operate in a fair and transparent manner, thereby safeguarding public confidence and stability within the sector. By enforcing compliance with regulations, GARFIN plays a vital role in maintaining Grenada’s financial system as a reliable and attractive destination for investors and consumers alike.

By doing so, GARFIN promotes public confidence and integrity within the country’s financial system, ultimately contributing to overall economic development and growth.