To promote and maintain public confidence in, and the integrity of the financial system in Grenada through the effective regulation and supervision of designated non-bank financial institutions.
GARFIN is responsible for administering the following ten enactments and subsidiary legislation.
- Cooperative Societies Act No 8/2011
- Cooperative Societies Order SRO 25/2011
- Cooperative Societies (Amendment) Act No 25/2012
- Cooperative Societies (Credit Union Fees) SRO 8/2015
- Insurance Act Cap 150
- Insurance (Amendment) Act No 18/2011
- Insurance (Amendment) Regulations SRO 7/2011
- Insurance (Amendment) Act No 6/2013
- Admissible and Valuation of Assets Regulations SRO 3/2014
- Insurance (Amendment) Act No 25/2014
- Building Societies Act Cap 38
- Friendly Societies Act Cap 118
- International Betting Act Cap 151A
- Company Management Act Cap 58B
- International Trusts Act Cap 152C
- International Trusts (Amendment) Act No 7/2014
- International Trusts (Ownership Information) Regulations SRO 39/2014
- Grenada Development Bank Act Cap 129
- Money Services Businesses Act Cap 198A
- Money Services Businesses (Amendment) Act No 29/2014
- Virtual Asset Business Act
- Act No. 7 of 2021 Virtual Asset Business Act
The objects of the authority as specified in Section 13 of the GARFIN Act are as follows:
- The maintaining of public confidence in the financial system operating in Grenada.
- The promoting of public understanding and awareness of the financial system operating in Grenada including the awareness of the benefits and risks associated with different kinds of investments or other financial dealings and the provision of appropriate information and advice.
- The securing of the appropriate degree of protection for consumers having regard to:
- The differing degrees of risks involved in different kinds of investment or other transaction,
- The differing degrees of experience and expertise that different consumers may have in relation to different kinds of regulated activity,
- The needs that consumers may have for advice and accurate information, and
- The general principle that consumers should take responsibility for their decisions.