Financial Crime World

Global Efforts to Combat Terrorism Financing

In a move to combat the financing of terrorist activities, the G-7 Finance Ministers and Central Bank Governors met on October 6, 2001, and released an action plan to tackle this menace. This plan was reinforced by the Financial Action Task Force (FATF) issuing Special Recommendations on Terrorist Financing.

Cook Islands’ Commitment

The Cook Islands is committed to working with its international partners in combating terrorism and stamping out terrorist activities worldwide. To achieve this, it has implemented various measures to prevent and detect money laundering and terrorist financing.

Legislation to Combat Money Laundering and Terrorism Financing

In 2003, the Cook Islands criminalized money laundering under the Crimes Amendment Act 2003. This led to the introduction of new legislation, including:

  • Financial Transactions Reporting Act (FTRA) 2003
  • Banking Act 2003
  • Extradition Act 2003
  • Mutual Assistance in Criminal Matters 2003
  • Terrorism Suppression Act 2004
  • Narcotics and Misuse of Drugs 2004

Anti-Money Laundering Regime

To assist in the detection and deterrence of money laundering, the Cook Islands has established an anti-money laundering regime. This includes:

  • Reporting suspicious transactions
  • Conducting customer due diligence
  • Monitoring transactions to prevent illegal activities

Financial Intelligence Unit (FIU)

The FIU is responsible for collecting and analyzing financial intelligence related to suspected money laundering or terrorist financing activities. The unit’s functions include:

  • Receiving reports from reporting institutions
  • Collecting information from publicly available sources
  • Referring matters to the police for investigation
  • Requesting information from law enforcement agencies
  • Analyzing and assessing reports
  • Sending suspicious transaction reports to appropriate authorities

Global Cooperation

The Cook Islands recognizes the importance of global cooperation in combating terrorism financing. It is committed to working with international partners, including the FATF, to prevent and detect terrorist financing activities.

Stay tuned for more updates on this critical issue!