Colin Woodard | St. George's, Grenada | June 1

CSM - It's one of the world's quieter capitals: a town of 7,500, modest buildings perched on hillsides surrounding the bright blue anchorage.

But St. George's was headquarters to one of the most outlandish banking frauds, in which US and Canadian retirees were defrauded of millions while local officials looked the other way.

Now Grenada is preparing to reopen its offshore financial services sector six years after it collapsed in a wave of international criminal investigations, trials, and allegations of government collusion.

The country has replaced its fractured regulatory regime with a single organization to oversee all offshore financial activities, from insurance companies to credit services. The head of the new institution said this week that amended finance laws will allow the attorney general authority to take immediate court action against any offshore entity suspected of fraud.