Cook Islands Parliament Set to Pass Landmark Blockchain Anti-Money Laundering Bill
The Cook Islands Parliament is on the verge of passing a groundbreaking bill aimed at combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction in the cryptocurrency world. The Tainted Cryptocurrency Recovery Bill is set to be presented during the parliament’s final sitting of the year.
Support from Local Crypto Enthusiast
Teariki Olah, founder of a local crypto enthusiast group, has expressed his support for the bill. “This bill is a prudent measure to safeguard the people and nation from potential harm in the cryptocurrency world,” he said.
Key Provisions of the Bill
- Detect: Identify illegal activities involving cryptocurrencies
- Investigate: Uncover the source of tainted cryptocurrencies
- Seize: Confiscate cryptocurrencies derived from unlawful activities
- Forfeit: Recover assets obtained through criminal means
These measures are seen as a crucial step in combating money laundering and other illicit activities in the cryptocurrency space.
Protecting the People: A Key Concern
Olah believes that the bill will help protect the people and nation from potential harm in the cryptocurrency world. “Scammers, rug pulls, and other nefarious activities are concerns for those uneducated about safe practices in the crypto industry,” he warned.
Parliament Workshop and Special Select Committee
To ensure a thorough understanding of the legislation among members of parliament, a special workshop was conducted on Tuesday to acquaint them with the bill. The workshop was attended by Tim Arnold, the bill’s drafter, Crown Law, and the Cook Islands Financial Intelligence Unit. The Tainted Cryptocurrency Recovery Bill has also been referred to a Special Select Committee for further examination and debate.
Other Legislative Matters
In addition to the Tainted Cryptocurrency Recovery Bill, three Constitution Amendment Bills and three other bills will be presented during the sitting. However, due to time constraints, none of them are expected to be passed before the year’s end. This week is set to be pivotal for the Cook Islands Parliament as it addresses major legislative matters pertaining to the country’s financial security and technological innovation.