COOK ISLANDS: Financial Professionals Receive Vital Compliance Training Amidst Growing Concerns of Money Laundering and Terrorism Financing

Strengthening the Fight Against Money Laundering and Terrorism Financing

The Cook Islands Financial Intelligence Unit (CIFIU) has launched a range of compliance training programs for financial professionals across the country to strengthen its fight against money laundering and terrorism financing. The initiative aims to equip reporting institutions, government agencies, and the general public with the necessary knowledge and skills to identify and prevent criminal activities.

Computer-Based Training (CBT) Program

The CBT program is one such initiative, which has been piloted in the country since 2004. Developed by the UNODC, the curriculum contains 90 modules and is available in 18 languages, making it a valuable resource for financial professionals worldwide. To date, over 100 individuals from various sectors have successfully completed the training program, with more opportunities available to the public.

Designated Non-Financial Business Professionals (DNFBP) Training

In addition to the CBT program, the CIFIU has also introduced DNFBP training, which targets non-profit organizations and community groups. The bi-annual workshops aim to educate participants on the risks of money laundering and terrorism financing, as well as provide guidance on how to prevent these crimes.

Outreach Program

The outreach program is another key component of the CIFIU’s compliance training initiative. Launched in 2006, the program has reached out to government officials, private sector businesses, and senior students in the outer islands, providing them with the necessary knowledge and skills to combat money laundering and terrorism financing.

On-Site Visits

The CIFIU also conducts on-site visits to ensure that professional businesses are compliant with the relevant standards and regulations. These efforts have been praised for their positive impact on the Cook Islands’ financial sector, as well as its ability to contribute to the global fight against money laundering and terrorism financing.

Getting Involved

For more information on these compliance training programs, contact June@cifiu.gov.ck or visit the CIFIU’s website for further details.