Financial Crime World

Here is the rewritten article in Markdown format:

Regulatory Authority for Financial Institutions: New Requirements

KINGSTOWN, GRENADA - The Grenada Government has introduced new regulations aimed at strengthening the oversight of financial institutions in the country. The Regulatory Authority for Financial Institutions (RAFI) will be responsible for implementing these measures.

RAFI’s Responsibilities

According to a statement from the Ministry of Finance, the RAFI will be required to:

  • Submit its business plan to the Minister of Finance for approval
  • Keep proper books of account and monitor its implementation of the business plan
  • Submit annual reports to the Director of Audit, which must include:
    • Statement of assets and liabilities
    • Revenue and expenditure
    • Other financial statements

Auditing and Reporting

The Director of Audit will conduct an audit of the RAFI’s financial statements and submit a report to the Minister of Finance. The Minister is required to lay the report before the House of Representatives within seven days of its receipt.

Financial Institution Requirements

Financial institutions must provide the RAFI with information, including:

  • Audited financial statements
  • Information in such form and at such time as the authority may consider necessary

Penalties for Non-Compliance

The RAFI will have the power to impose fees on persons who fail to comply with the regulations. Additionally, a late filing penalty may be imposed for failure to file returns or other information required by law.

Key Changes

Here are the key changes introduced by the new regulations:

  • RAFI must submit business plan to Minister of Finance for approval
  • Authority must keep proper books of account and monitor implementation of business plan
  • Annual reports must include statement of assets and liabilities, revenue and expenditure, and other financial statements
  • Director of Audit will conduct audit of financial statements and submit report to Minister of Finance
  • Financial institutions must provide information, including audited financial statements, to RAFI
  • Authority can impose fees on non-compliance with regulations
  • Late filing penalty may be imposed for failure to file returns or other information

Effective Date

The new regulations will come into effect on [insert date].

Contact: [Name] Ministry of Finance Grenada

Phone: [phone number] Email: [email address]