Financial Crime World

History of Financial Regulation in Grenada

Grenada’s financial regulatory landscape has undergone significant developments over the years, with the establishment of key authorities and enactments aimed at promoting public confidence in the financial system.

Early Years of Financial Regulation

Cooperative Societies Act No 8/2011

The Cooperative Societies Act No 8/2011 came into force in 2011, followed by the Cooperative Societies Order SRO 25/2011. These enactments provided the foundation for the regulation of cooperative societies in Grenada.

Insurance Act Cap 150 Amendments

In 2011, the Insurance Act Cap 150 was amended to enhance the oversight of insurance companies.

Expansion of Regulatory Framework

The regulatory framework expanded to include:

  • Building Societies Act Cap 38: Provides a regulatory framework for building societies in Grenada.
  • Friendly Societies Act Cap 118: Regulates friendly societies in Grenada.
  • International Betting Act Cap 151A: Regulates international betting activities in Grenada.
  • Company Management Act Cap 58B: Provides a regulatory framework for companies operating in Grenada.

Strengthening Consumer Protection

International Trusts Act Cap 152C

The International Trusts Act Cap 152C came into force in 2014, followed by the amendment of the Insurance Act and the introduction of new regulations to enhance consumer protection.

Money Services Businesses Act Cap 198A Amendments

In 2014, the Money Services Businesses Act Cap 198A was amended to enhance consumer protection.

Virtual Asset Business Activity Regulation

The Virtual Asset Business Act was established in 2021 to regulate virtual asset business activity and promote transparency and oversight in the virtual asset space.

Objectives of GARFIN

GARFIN’s objects, as specified in Section 13 of the GARFIN Act, are:

  • To maintain public confidence in the financial system.
  • To promote public understanding and awareness of the financial system.
  • To secure the appropriate degree of protection for consumers.

Conclusion

The history of financial regulation in Grenada is marked by significant developments aimed at promoting public confidence in the financial system and protecting consumers. The establishment of key authorities such as GARFIN has been instrumental in shaping this framework. As the regulatory landscape continues to evolve, it remains committed to its core objectives: maintaining public confidence, promoting understanding, and securing consumer protection.