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Updated Wednesday, October 22, 2008 11:32 am TWN, AP

Grenada to relaunch offshore finance sector

ST. GEORGE’S, Grenada -- Grenada’s prime minister says he is determined to relaunch the island’s offshore finance sector six years after a multimillion-dollar fraud scheme. Prime Minister Tillman Thomas says his government is “prepared to take the necessary steps to make sure our compliance matches international standards.” Thomas told the Caribbean Financial Action Task Force on Monday that such an action will allow Grenada “to get involved in the financial sector in a legitimate way.”

In 2002, Grenada suspended its financial sector’s operations after First International Bank of Grenada collapsed and investors were cheated out of US$170 million.

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