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Promoting Public Confidence and Intimacy in the Financial System of Grenada

The Role of the Grenada Authority for the Regulation of Financial Institutions (GARFIN)

ST GEORGE’S, GRENADA - The Grenada Authority for the Regulation of Financial Institutions (GARFIN) plays a crucial role in promoting public confidence and maintaining the integrity of the financial system in Grenada through effective regulation and supervision of designated non-bank financial institutions.

Regulatory Framework

GARFIN is responsible for administering 10 key enactments and subsidiary legislation, which provide the framework for the regulation of various financial sectors. These include:

• Cooperative Societies Act
• Insurance Act
• Building Societies Act
• Friendly Societies Act
• International Betting Act
• Company Management Act
• International Trusts Act
• Grenada Development Bank Act
• Money Services Businesses Act
• Virtual Asset Business Act

Primary Objectives of GARFIN

According to Section 13 of the GARFIN Act, the authority’s primary objectives include:

• Maintaining public confidence in the financial system operating in Grenada
• Promoting public understanding and awareness of the benefits and risks associated with different kinds of investments or other financial dealings
• Providing appropriate information and advice to consumers

Approach to Regulation

To achieve its goals, GARFIN takes into account the differing degrees of risk involved in various investment options, as well as the varying levels of experience and expertise among consumers. The authority recognizes that:

• Consumers should take responsibility for their decisions
• Accurate information and advice are necessary to make informed choices

Contribution to a Stable Financial Environment

By fulfilling its regulatory responsibilities, GARFIN contributes to a stable and secure financial environment in Grenada, which in turn promotes economic growth and development in the country.