Cook Islands Fortifies Financial Security with Enhanced Anti-Money Laundering Policies

The Role of Cook Islands Financial Intelligence Unit (CIFIU)

The Cook Islands Financial Intelligence Unit (CIFIU), an integral division of the Financial Supervisory Commission (FSC), has been instrumental in strengthening the nation’s financial security by combating money laundering and terrorist financing. Established in 2002, CIFIU assumed a double role in 2012:

As an independent agency collaborating with the FSC
As the country’s primary financial intelligence unit (FIU)

Mandate and Responsibilities

In 2003, CIFIU was mandated by the Cook Islands government to coordinate and implement the nation’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The CIFIU’s responsibilities include:

Collecting, analyzing, and disseminating financial information and intelligence on suspicious transactions to the appropriate Cook Islands authorities and international partners
Regulating and conducting compliance examinations of all Reporting Institutions in compliance with the Financial Transaction Reporting Act 2017 (FTRA)

The Financial Transaction Reporting Act 2017 (FTRA) and Reporting Institutions

The FTRA classifies Reporting Institutions as those entities and individuals registered in the Cook Islands and engaged in the following activities:

Banks
Financial Service Providers
Trustees
Insurance companies
International companies
Real estate agents
Accountants
Lawyers
Motor vehicle dealers

CIFIU’s Essential Role in the Cook Islands’ Financial System

CIFIU’s roles in coordinating the AML/CFT regime and regulating and examining the compliance of Reporting Institutions highlight the body’s essential role in safeguarding the Cook Islands’ financial system and upholding international financial standards.