Financial Crime World

Cook Islands’ Financial Intelligence Unit Reinforces Legal Framework Against Financial Crimes and Cybersecurity Threats

The Cook Islands’ Financial Intelligence Unit (CIFIU) has strengthened its legal framework with the enactment of the Financial Intelligence Unit Act 2015 and subsequent amendments aimed at more effectively combating financial misconduct and cybersecurity threats.

The Financial Intelligence Unit Act 2015

  • June 12, 2015: Parliament passed the Financial Intelligence Unit Act 2015.
  • June 16, 2015: The legislation was given royal assent.

The Act grants CIFIU the authority to:

  • Administer and enforce relevant statutes.
  • Conduct inquiries, investigations, analysis, and enforcement oversight.
  • Provide enhanced powers for the FIU as an independent unit of the Financial Supervisory Commission (FSC).

Essential Regulations and Statutes

  • 2017: The Financial Intelligence Unit Amendment Act 2017 was enacted, enabling the Cook Islands to combat illicit financial activities and strengthen cybersecurity defenses.

CIFIU now administers the following Acts and regulations:

  • Financial Transactions Reporting Act 2017.
  • Financial Transactions Reporting Amendment Act 2017.
  • Associated regulations.

Combating Financial Crimes and Cybersecurity Threats

These tools aim to deter and prevent:

  • Money laundering.
  • Terrorist financing.

The Cook Islands’ commitment to global anti-crime initiatives and partnerships will further support the application of these measures.

A Robust Force Against Financial Crimes and Cybersecurity Threats

The CIFIU’s updated legislations, combined with the team’s expertise, positions the unit to be a formidable force against financial crimes and cybersecurity threats.