Grenada’s Financial Regulation History: A Comprehensive Overview

Introduction

The Grenada Authority for the Regulation of Financial Institutions (GARFIN) has been at the forefront of financial regulation in Grenada since its establishment in 2006. This article provides a comprehensive overview of GARFIN’s history, mandate, and impact on Grenada’s financial sector.

History and Evolution

Establishment and Early Years

GARFIN was established by Parliament through the Grenada Authority for the Regulation of Financial Institutions Act No. 5 of 2006. The statutory body has undergone significant enhancements over the years, broadening its scope and strengthening its supervisory powers.

Initially responsible for administering a dozen pieces of legislation related to non-bank financial sectors, GARFIN has since taken on additional responsibilities with the repeal of three key legislations in December 2021. The Virtual Asset Act added to GARFIN’s mandate, requiring the authority to supervise digital financial businesses not backed by fiat currency.

Consolidation and Leadership

GARFIN’s role as the Single Regulatory Unit (SRU) for non-bank financial sectors has been pivotal in consolidating supervision under one authority. The body is responsible for administering various legislations, including those governing building societies, friendly societies, cooperative societies, insurance companies, and money services businesses.

The authority’s history dates back to 2006, with Mr. Angus Smith serving as the first Executive Director. Presently, Mr. Denis Felix holds the position of Executive Director, leading a team that includes a Board of Directors comprising experienced professionals from various sectors.

Responsibilities and Mandate

GARFIN is responsible for:

• Administering various legislations related to non-bank financial sectors
• Supervising digital financial businesses not backed by fiat currency
• Ensuring the integrity and security of financial transactions within Grenada

Impact on Grenada’s Financial Sector

GARFIN’s impact on Grenada’s financial sector cannot be overstated, and its continued efforts in regulating non-bank financial institutions have contributed significantly to the country’s economic stability. The authority remains committed to ensuring the integrity and security of financial transactions within the nation.

Contact Information

Office: P.O. Box 3973
The Netherlands Building
Grand Anse, St. George’s, Grenada, W.I.
Phone: +1 (473) 440-6575 / 440-8717
Cell: +1 (473) 405-5668
Fax: +1 (473) 440-4780
Email: garfininfo@garfin.org