Financial Crime World

Cook Islands Banking Sector Takes Significant Step Forward in Risk Management

A major milestone has been achieved by the Cook Islands in its efforts to mitigate money laundering and terrorist financing risks, with the release of the 2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk.

Comprehensive Report Builds on National Risk Assessment

The review is a crucial document that demonstrates the country’s understanding of its money laundering and terrorist financing risks and its efforts to address them. The report builds on the National Risk Assessment from 2015 and provides a detailed assessment of the country’s risk landscape.

Key Findings

  • Identifies primary threats and high-risk sectors, as well as secondary threats in low-risk sectors
  • Highlights progress made by the Cook Islands since the publication of the National Risk Assessment in 2015
  • Provides valuable insights for all stakeholders involved in anti-money laundering and combating financing of terrorism (AML/CFT) efforts

Collaborative Approach to Risk Management

The review was carried out by all competent authorities, including the National Anti-Money Laundering and Combating Financing of Terrorism Committee (NACC). This coordinated approach will help to mitigate the ML/TF risk within the Cook Islands.

Availability of Reports

  • The 2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk is available online
  • The Cook Islands National Money-Laundering and Terrorism Financing Risk Assessment 2015 report was also released, marking a significant milestone in the country’s efforts to combat money laundering and terrorist financing

Historical Context

In September 2008, the Financial Intelligence Unit (FIU) engaged Mr John Walker to assist in undertaking a national risk assessment using the World Bank model. This marked an important step forward in the country’s efforts to combat money laundering and terrorist financing.

Additional Resources

  • The full report can be found online, providing valuable insights into the country’s risk landscape
  • The Cook Islands National Money-Laundering and Terrorism Financing Risk Assessment 2015 report is also available online

This comprehensive review demonstrates the Cook Islands’ commitment to mitigating money laundering and terrorist financing risks and its continued compliance with international standards.