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Cook Islands Financial Regulation Updates: Strong Confidence in Banking Sector during COVID-19 Crisis

The Cook Islands Financial Regulator, the Financial Supervisory Commission (FSC), has expressed strong confidence in the stability and integrity of the country’s banking sector to ride out the COVID-19 crisis.

Stability and Integrity of Banking Sector

According to FSC Commissioner Louise Wittwer, the banking sector is sound and has been working closely with the regulator to maintain the safety and soundness of financial institutions. “We have done a number of things to make sure that Cook Islanders can feel assured that their money is safe in the bank,” she said.

Measures Taken to Address Concerns

The FSC has taken several measures to address concerns and issues related to COVID-19, including:

  • Providing avenues for people to raise complaints or concerns regarding their dealings with banks
  • Stepping up active monitoring of banks
  • Calling on outside expertise
  • Starting a public awareness campaign on COVID-19 scams

Strong Working Relationships with Banks

Wittwer emphasized that the FSC has strong working relationships with all three banks operating in the Cook Islands - Bank of South Pacific Limited (BSP), Bank of the Cook Islands (BCI), and Westpac New Zealand (WNZ). “We work closely with them to ensure that they are compliant with our regulations and that their customers’ interests are protected,” she said.

National Risk Assessment Report

The FSC has also published a National Risk Assessment Report on money laundering, terrorism financing, and serious offenses in the Cook Islands. The report was adopted by Cabinet in 2015 and outlines the risks associated with these crimes in the country.

International Recognition for Anti-Money Laundering Efforts

In addition, the FSC has been recognized internationally for its efforts to combat money laundering and terrorist financing. In 2018, the Cook Islands received a very positive Mutual Evaluation Report from the Asia Pacific Group on Money Laundering (APG), which rated the country as one of the best in the world for technical compliance with anti-money laundering regulations.

Regional Seminars on Regulation and Supervision

The FSC has also been hosting regional seminars on regulation and supervision of financial services through mobile electronic money and other digital payments, aimed at promoting financial inclusion and reducing financial risks in the Pacific region.

Contact Information

For more information or to report any suspicious activities, contact the Financial Intelligence Unit (FIU) at [insert contact details].