Financial Crime World

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G-7 Finance Ministers and Central Bank Governors Unite Against Terrorist Financing

In a bold move against global terrorism, the G-7 Finance Ministers and Central Bank Governors met on October 6, 2001, to release an action plan combating the financing of terrorist activities. Just days later, the Financial Action Task Force (FATF) issued special recommendations aimed at eradicating terrorist funding.

Cook Islands Committed to Combating Terrorism

To be successful in this fight, it’s crucial that countries work together on multiple fronts. The Cook Islands has pledged to collaborate with its international partners in confronting and eliminating terrorism worldwide.

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Cook Islands Legislation to Combat Money Laundering and Terrorism Financing

In 2003, the Cook Islands criminalized money laundering under the Crimes Amendment Act 2003. The Proceeds of Crime Act 2003 gave law enforcement the authority to search, seize, and freeze assets suspected of being linked to criminal activity.

Cook Islands Financial Intelligence Unit (FIU)

The FIU is responsible for receiving reports related to suspicious transactions, analyzing financial data, and sharing intelligence with domestic authorities and international agencies. The unit’s functions include:

  • Receiving reports from reporting institutions and other sources
  • Collecting information on publicly available databases and commercially available databases
  • Requesting information from law enforcement agencies and supervisory authorities
  • Analyzing and assessing all reports and information
  • Referencing suspicious transactions to the police for investigation
  • Destroying reports after six years if no further activity or information is received

Cook Islands Financial Intelligence Unit (FIU) Structure

The FIU consists of:

  • Head of the FIU
  • Intelligence Section
    • Intelligence Officer
    • Data Entry & Administration Officer
    • Compliance Officers The Head of the FIU reports to the Solicitor General, who advises the Minister on matters related to money laundering and terrorism financing.

Cook Islands Financial Intelligence Unit (FIU) Functions

The FIU has several key functions, including:

  • Receiving reports from reporting institutions and other sources
  • Collecting information on publicly available databases and commercially available databases
  • Requesting information from law enforcement agencies and supervisory authorities
  • Analyzing and assessing all reports and information
  • Referencing suspicious transactions to the police for investigation
  • Destroying reports after six years if no further activity or information is received
  • Instructing reporting institutions to take necessary steps to enforce compliance with anti-money laundering regulations

The FIU plays a vital role in combating money laundering and terrorism financing in the Cook Islands. Its efforts are crucial in helping to disrupt and dismantle criminal networks, bringing criminals to justice, and protecting the financial system from illegal activities.