The Financial Services Unit Act, 18 of 2008, (PDF 83.14KB) was passed in the House of Assembly on 14 October, 2008, Gazetted on 18 December, 2008 and came into force on 1 January, 2009. This Act formally established the Financial Services Unit as a regulatory authority.
An amendment to this Act [Financial Services Unit (Amendment) Act, 10 of 2011] (PDF 31.37KB), was passed in the House of Assembly on 25 October, 2011. The primary reason for the amendment was to allow the Unit to monitor and ensure compliance of commercial banks with money laundering prevention and counter-terrorism financing legislation and regulations.
The legal framework gives the Unit broad powers and a system of checks in the exercise of its functions and powers.