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Cook Islands Steps Up Banking Compliance Regulations to Fight Financial Crimes
The Cook Islands Government has made a commitment to prioritizing compliance with international standards, emphasizing its determination to combat money laundering, tax evasion, and financial crimes. To achieve this goal, the country has enacted laws and regulations that align with global requirements.
Strengthening Anti-Money Laundering/Countering the Financing of Terrorism Regime
In line with international standards, the Cook Islands has integrated FATCA and CRS into its legal framework for automatic financial information sharing. This move has bolstered the country’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime, ensuring compliance with FATF recommendations.
Joining the OECD’s Inclusive Framework on Base Erosion and Profit Shifting
The Cook Islands has also joined the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), eliminating preferential tax regimes. This move strikes a balance between meeting international obligations and safeguarding confidentiality for legitimate businesses, ensuring personal information remains protected.
Confidentiality and Investigative Powers
While there are no public registers for beneficial ownership in the Cook Islands, the country maintains investigative powers but adheres strictly to legal provisions when sharing information. This approach deters fishing expeditions and ensures that only authorized parties have access to sensitive financial data.
Enhanced Credibility and Appeal
The Cook Islands’ commitment to banking compliance regulations has enhanced its credibility globally, reassuring governments, institutions, businesses, and individuals. It has strengthened the jurisdiction’s appeal for international trade and financial transactions, promoting transparency and compliance while preserving privacy.
Contact Information
For more information on Cook Islands financial regulations, please contact:
- P.O. Box 3255
- Clarkes Building, Parekura
- Rarotonga, COOK ISLANDS
- Email: enquiry@fsda.gov.ck
- Phone: +682 21-175
Office Hours:
- Monday to Friday: 8am - 4pm
- Saturday and Sunday: Closed