Skip to main content

Pacific FIUs Unite Against Financial Crimes

· 2 min read
Michael Thompson
Regulatory Enforcement Officer

Last week, key representatives from the Financial Intelligence Units (FIUs) across the Pacific Islands gathered in Rarotonga, Cook Islands, for a three-day meeting to address escalating concerns over financial crimes. The attendees included delegates from Australia, Fiji, New Zealand, Papua New Guinea, Samoa, Tonga, Vanuatu, and the Cook Islands' own FIU.

Collaboration in Combating Financial Crimes​

The primary objective of the Pacific FIUs meeting was to discuss collective efforts in combating financial crimes, specifically those with transnational dimensions. Agenda topics included:

  • Sharing intelligence, analysis, and best practices
  • Collaborating on training programs and technology upgrades
  • Exploring potential legislative changes to better equip FIUs against new and evolving financial threats

Discussions Encourage Closer Cooperation​

The importance of multilateral cooperation was emphasized throughout the meetings. Delegates agreed on the need to work together to prevent and disrupt financial crimes that can destabilize economies and erode public trust. Some highlights and takeaways from the meetings include:

  • Sharing intelligence: FIUs discussed the importance of exchanging information and collaborating on investigations to address emerging threats.
  • Technological Upgrades: Participating countries agreed to explore potential collaborations on technology upgrades to increase their capacity in fighting financial crimes.
  • Cybercrime Discussions: The Pacific FIUs acknowledged the increasing threat of cybercrime and emphasized the importance of collaboration to mitigate the risks.

The Role of Regional and Global Financial Systems​

The Cook Islands' Minister of Finance, Mark Brown, welcomed the gathering and highlighted the importance of financial intelligence and cooperation in safeguarding the country's financial system and economy. Brown acknowledged the Cook Islands' role in the regional and global financial system and emphasized the need to uphold its integrity.

Strengthening the Regional Response​

The Pacific FIUs meeting was an essential step in strengthening the regional response to financial crimes and fostering closer collaborations to address emerging threats, particularly those related to cybersecurity. As the economic landscape evolves, the Cook Islands and other Pacific Island countries remain committed to maintaining a secure and resilient financial sector.