Financial Crime World

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Cook Islands Boosts Credibility with Robust Anti-Money Laundering Regulations

The Cook Islands government has made significant efforts to strengthen its anti-money laundering regulations, aligning them with international standards. This move aims to combat money laundering, tax evasion, and financial crimes.

Enhancing Financial Transparency

To meet global requirements, the Cook Islands has implemented laws and regulations aligned with international norms. The country has integrated the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) into its legal framework for automatic financial information sharing.

  • This integration ensures compliance with FATF recommendations.
  • The government has also bolstered its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime with the Financial Transactions Reporting Act 2017.

Strengthening Tax Jurisdiction

By joining the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), the Cook Islands has been recognized as a cooperative tax jurisdiction. The country has also eliminated preferential tax regimes, further solidifying its reputation.

  • This move demonstrates the government’s commitment to transparency and cooperation.
  • The elimination of preferential tax regimes ensures that all businesses are treated equally.

Balancing International Obligations with Confidentiality

The Cook Islands government is mindful of striking a balance between meeting international obligations and safeguarding confidentiality for legitimate businesses. As such:

  • Personal information remains protected.
  • Investigative powers are maintained to combat financial crimes, ensuring that confidential information is not compromised.

No Public Registers for Beneficial Ownership

Unlike some countries, the Cook Islands does not maintain public registers for beneficial ownership. Instead:

  • Information sharing adheres strictly to legal provisions.
  • This approach deters fishing expeditions and ensures that sensitive information remains protected.

Global Recognition and Attraction of Foreign Investment

The Cook Islands’ approach has enhanced its credibility globally, reassuring governments, institutions, businesses, and individuals alike. The country’s reputation as a cooperative jurisdiction with robust anti-money laundering regulations has:

  • Strengthened its appeal for international trade and financial transactions.
  • Promoted transparency and compliance while preserving privacy.

Contact Information

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For more information on the 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