Friday, 30 July 2021
JFGT (20210728-12:40:32 to UTF-8) ART 120 en => it
Banks Grenada. Offshore accounts in Grenada
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Countries of Eastern Caribbean States are highly integrated economies and financial sectors. Organization of Eastern Caribbean States (OECS) is a regional group of island economies, consisting of Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Members of the OECS have highly integrated economies and financial sectors, a common currency in the Eastern Caribbean Currency Union and the common central bank - the Eastern Caribbean Central Bank (ECCB).

Offshore banks are regulated by the Administration in Grenada Grenada International Financial Services (GIFSA). Legislation in the field finansovgo sector was increased in 2001, when it was strengthened leadership by the Administration Grenada International Financial Services. Changes to the Law on GIFSA (№ 13 of 2001) changes exclude the role of regulator in the offshore sector. GIFSA prepares written recommendations to the Minister of Finance with respect to revocation of licenses for offshore facilities and the issuance of certificates of registration of international business companies. In the future it is expected that GIFSA will regulate both traditional and offshore facilities, supervising them on some issues in conjunction with the Eastern Caribbean Central Bank. It is assumed that GIFSA will be renamed the Administration of Grenada to regulate financial institutions. Overall supervision of the banking sector is ensured OECS Eastern Caribbean Central Bank. Domestic banking sector of Grenada has six commercial banks, 26 registered domestic insurance companies, two credit unions, and four or five payment offices.

In September 2001, the Ad Hoc Financial Committee on Money Laundering (FATF) has made Grenada the list of countries and territories, is not cooperating in the fight against money laundering (NCCT). FATF in its report, citing concerns over this issue: insufficient access control of Grenada to information about customer accounts, lack of cooperation supervisory Grenada with their foreign counterparts and inappropriate qualification requirements for owners of financial institutions. In April 2002 the U.S. Treasury has recommended that banks and other financial institutions operating in the U.S., carefully examine all financial transactions, having its origins in Grenada, ending in Grenada or passing through Grenada, or with the participation of organizations established or located in Grenada, or persons who have accounts in Grenada.

Administration Grenada International Financial Services began operations in January, 200 in order to control the operations of offshore companies, and law on the provision of international financial services was adopted in October 2001 to combat money laundering. Like many other Caribbean jurisdictions, the Government of Grenada raises revenue from the offshore sector by imposing licensing and annual fees of offshore companies. In Grenada there is more than 20 gaming Web sites. In addition, there are about 900 international business companies (IBC). Grenada efforts to improve legislation and regulations necessary for the proper control of offshore sector, contributed to the FATF Grenada struck out from the list of countries and territories, is not cooperating in the fight against money laundering in February 2003, the Treasury also lifted its sanctions against Grenada in April 2003 Mr.

Eastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. This bank has a group of eight island economies: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines. Appointment of ECCB is to maintain the stability of the Eastern Caribbean dollar and the integrity of the banking system with the aim of balanced growth and development of member states. Monetary policy is characterized by:
- The issuance of a single common currency, whose movement between member countries is not limited to;
- A common pool of foreign exchange reserves, and
- Existence of a Central Monetary Authority which decides on the Union's monetary policy.
The objectives of the Bank are:
- Regulate the availability of money and credit;
- To promote and maintain monetary stability;
- To promote credit and exchange conditions and a sound financial structure conducive to the balanced economic growth and development of territories of the Member States of the Union;
- Active economic development of territories of the Member States of the Union with measures that are consistent with other objectives of the Bank.
The governing bodies of the Eastern Caribbean Central Bank are the Monetary Council and Board of Directors. The Monetary Council - the supreme decision making body, composed of one minister from each government participating countries. Council is to provide guidelines and recommendations to the Bank on matters of monetary and credit policy. The Board of Directors consists of ten directors, the chairman and deputy chairman, and one director from each of the eight participating governments. The Board of Directors is responsible for policy and general administration of the Bank, while the chairman and chief executive officer responsible for operational management.

Financial Institutions
Some banks operating in Grenada:

- Bank of Nova Scotia s (Bank of Nova Scotia)
- Karibian First International Bank (formerly Barclays Bank Plc) (First Caribbean International Bank (formerly Barclays Bank Plc))
- RBTT Bank (RBTT bank)
- Grenada Cooperative Bank (Grenada Co-operative Bank)
- Grenada Divelopment Bank (Grenada Development Bank)
- Neshnl Commercial Bank s Grenada (National Commercial Bank of Grenada)

 
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