Tillman Thomas, Prime Minister of Grenada

Grenada's prime Minister Tillman Thomas says he is determined to re-launch the island's offshore finance sector six years after a multimillion-dollar fraud scheme had crippled it.

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.

The offshore bank took money from investors but never paid them back, leaving a trail of ruined retirements and even personal bankruptcies.

- AP