The Financial Services Authority (“FSA” or “the Authority”) regulates the International Financial Services Sector of St. Vincent and the Grenadines as well as money remitters and the non-bank financial sector such as credit unions and building societies in accordance with international best practices.
The FSA was originally established by the Offshore Finance Authority Act 1996 as the Offshore Finance Authority. The Offshore Finance Authority Act and by extension the Offshore Finance Authority was subsequently renamed by the St. Vincent and the Grenadines Offshore Finance Authority (Renaming) Act 2003 as the International Financial Services Authority (Act).
In 2011, the Financial Services Authority Act, repealed the International Financial Services Authority and thereby establishing the FSA, which merged all domestic financial regulatory authorities in St. Vincent and the Grenadines into a single regulatory body. The Financial Services Authority Act (the Act) gives the FSA primary responsibility for the efficient and responsible administration and supervision of international financial services legislation. The Act also provides for the FSA to be governed by a Board of Directors and outlines how the Board should be constituted. The FSA’s Board, subject to prior approval from the Minister of Finance, may appoint any natural person to the position of Executive Director to manage the day to day business of the FSA, and to be responsible for the proper discharge of the duties of the FSA that are delegated to the Executive Director by the Act and under all other international financial services legislation.
The duties and functions of the FSA include the following:
(1) managing, directing, controlling and supervising the financial services sector
in St. Vincent and the Grenadines;
(2) administering and overseeing the process of licensing Registered Agents, Private
Trustees, Financial Fiduciaries and their services to ensure compliance;
(3) administering and overseeing the licensing, regulation and supervision of International
Banks, Mutual Funds, International Insurance Companies, Domestic Insurance Companies Trusts and International Business Companies, Limited Liability Companies, Segregated Cell Companies, Credit Unions, Building Societies, and Money Remitters.
The Financial Intelligence Unit is the national agency for receiving, analyzing, investigating and disseminating suspicious activity from the regulated sector, and collaborates with its stakeholders, including the FSA.