Financial Crime World

Cook Islands Parliament Poised to Pass Groundbreaking Cryptocurrency Anti-Crime Bill

Teariki Olah, local crypto enthusiast group founder

Support for Tainted Cryptocurrency Recovery Bill

Mangaveru, Cook Islands – As the Cook Islands Parliament prepares for its final sitting of the year, an anticipated Bill aimed at combating money laundering, terrorism financing, and the proliferation of weapons of mass destruction in the cryptocurrency world is set to be presented. Teariki Olah, the founder of a local crypto enthusiast group, has voiced his support for the Tainted Cryptocurrency Recovery Bill.

Key Provisions of the Bill

  • Detect, Investigate, Seize, and Forfeit: The Bill, as explained in its notes, is designed to detect, investigate, seize, and forfeit cryptocurrency derived from unlawful activities, using the process of civil forfeiture.
  • Protecting the People: Olah, an advocate for digital currencies, sees the Bill as a prudent measure to safeguard the people and nation from potential harm in the cryptocurrency world.
  • Negative Aspects of the Crypto Industry: Scammers, “rug pulls,” and other nefarious activities are concerns for those uneducated about safe practices in the crypto industry.

Parliament Workshop and Special Select Committee

To ensure thorough understanding among Members of Parliament, a special workshop was conducted on Tuesday to acquaint them with the legislation. In attendance were Tim Arnold (the Bill’s drafter), Crown Law, and the Cook Islands Financial Intelligence Unit.

The Tainted Cryptocurrency Recovery Bill was also referred to a Special Select Committee, established on Wednesday, for further examination and debate.

Other Legislative Matters

In addition to the Tainted Cryptocurrency Recovery Bill, three Constitution Amendment Bills and three other bills will be presented at the sitting. However, due to the time constraint, none of them can be passed before the year’s end. This week will be pivotal for the Cook Islands Parliament as it addresses major legislative matters pertaining to the country’s financial security and technological innovation.