Cook Islands Strikes Balance between Compliance and Confidentiality in AML Regulations
Commitment to International Standards
The Cook Islands government has reaffirmed its commitment to meeting international standards in the fight against money laundering, tax evasion, and financial crimes. The jurisdiction has enacted laws and regulations that align with global requirements, including the integration of FATCA and CRS for automatic financial information sharing.
Strengthening AML/CFT Regime
In a move to bolster its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime, the Cook Islands passed the Financial Transactions Reporting Act 2017. This legislation ensures compliance with FATF recommendations and demonstrates the government’s dedication to tackling financial crimes.
Benefits of Compliance
By joining the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), the Cook Islands has eliminated preferential tax regimes, earning recognition as a cooperative tax jurisdiction. This approach allows the jurisdiction to balance meeting international obligations with safeguarding confidentiality for legitimate businesses.
Confidentiality and Transparency
The Cook Islands maintains investigative powers while adhering strictly to legal provisions regarding information sharing. The absence of public registers for beneficial ownership deters “fishing expeditions,” ensuring that personal information remains protected.
Global Credibility
This balanced approach enhances the Cook Islands’ credibility globally, reassuring governments, institutions, businesses, and individuals. It strengthens the jurisdiction’s appeal for international trade and financial transactions, promoting transparency and compliance while preserving privacy.
Contact Information
For more information on the Cook Islands’ financial regulations, please contact:
- The Financial Services Development Authority (FSDA)
- P.O. Box 3255, Clarkes Building, Parekura, Rarotonga, COOK ISLANDS
- Email: enquiry@fsda.gov.ck
- Phone: +682 21-175
- Office hours: Monday through Friday from 8am to 4pm
- Social media: FSDA Facebook page