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Financial Compliance Regulations in Grenada Take Center Stage with GARFIN at Helm

The Government of Grenada has established the Single Regulatory Unit, GARFIN, as the authority responsible for regulating and supervising the non-bank financial sector. Effective regulation and supervision of designated non-bank financial institutions are key objectives of the mission.

Promoting Public Confidence in the Financial System

Confidence and stability in the financial sector assume paramount importance as a critical component of the country’s economic development. This is particularly significant in today’s turbulent economic times, underscoring the vital role GARFIN plays in maintaining financial stability.

Regulatory Oversight

Regulatory oversight extends to various sectors, including:

• Credit unions, governed by the Cooperative Societies Act No. 8/2011
• Insurance industry, with 26 licensed companies operating in Grenada
• International companies seeking to do business in the country, requiring incorporation and registration through eight registered agents

Money Service Businesses

Money Service Businesses, which transmit or convert money, are another area under GARFIN’s watchful eye. With a focus on promoting financial stability and public trust, the authority is well-positioned to address emerging challenges and opportunities in the non-bank financial sector.

GARFIN’s role is crucial in maintaining public confidence in the financial system and ensuring the integrity of the financial system in Grenada. As the single regulatory unit for the non-bank financial sector, GARFIN plays a vital role in promoting financial stability and public trust.