Title: Cook Islands Passes Anti-Money Laundering Evaluation with Flying Colors

Subtitle

The Cook Islands successfully passed their mutual evaluation assessment by the Asia/Pacific Group on Money Laundering (APG) and the Group of International Finance Centre Supervisors (GIFCS).
The evaluation report, published on the Financial Action Task Force (FATF) Global Assessments website, highlights the significant progress made by the Cook Islands in strengthening their Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) framework.

The Cook Islands, an island nation in the Pacific Ocean, underwent an assessment of their AML/CTF measures.
The assessment aimed to evaluate the effectiveness of the Cook Islands’ legal and regulatory framework, as well as their enforcement and implementation of AML/CTF measures.

The evaluation report reveals several key achievements made by the Cook Islands, including:

Implementation of Beneficial Ownership Registry: The Cook Islands have implemented a beneficial ownership registry, allowing for increased transparency in their financial system.
Establishment of Financial Intelligence Unit (FIU): The Cook Islands have established a Financial Intelligence Unit (FIU), which plays a crucial role in collecting, analyzing, and disseminating information related to potential money laundering and terrorist financing activities.
Strengthening of Regulatory Framework: The regulatory framework for the financial services sector in the Cook Islands has been strengthened to further combat money laundering and terrorist financing.

The Cook Islands’ commitment towards combating money laundering and terrorist financing is evident through their membership in APG.
The evaluation report underlines the Cook Islands’ dedication to adhering to the highest international standards in AML/CTF.

The APG and GIFCS evaluated the Cook Islands’ AML/CTF measures based on the FATF Recommendations, which are the international standards for combating money laundering and terrorist financing.
The report indicates that the Cook Islands have shown substantial progress in implementing these recommendations, particularly in areas such as risk assessments, customer due diligence, and international cooperation.

This success serves as a testament to the Cook Islands’ ongoing efforts to strengthen their financial regulatory framework.
The publication of the evaluation report provides transparency and reassurance to the public and the international community that the Cook Islands are taking concrete steps to mitigate the risks of money laundering and terrorist financing.

Since the Cook Islands’ last mutual evaluation assessment in 2015, they have made progress in addressing the deficiencies identified at that time.
The latest report confirms that the Cook Islands have effectively addressed these matters, making their financial system more resilient against the threats of financial crime.