Financial Crime World

Cook Islands Cracks Down on Financial Crimes: Balancing Global Compliance and Confidentiality

The Cook Islands, an exotic paradise known for its pristine beaches and crystal-clear waters in the Pacific Ocean, is making waves in the global finance community. This self-governing island nation is dedicating resources to combat financial crimes, including money laundering and tax evasion.

Dedication to Global Standards

  • The Cook Islands government reaffirms its commitment to meeting international standards
  • Enactment of laws and regulations in line with international requirements

Integration of Global Standards

  • Cook Islands has integrated the:
    • Foreign Account Tax Compliance Act (FATCA)
    • Common Reporting Standard (CRS)
    • Financial Transactions Reporting Act 2017

FATCA and CRS

These initiatives ensure automated financial information sharing and strengthen the country’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime.

FATF Compliance

Compliance with the Financial Action Task Force (FATF) recommendations is a priority for the Cook Islands.

Cooperative Jurisdiction Status

  • Recognized as a cooperative tax jurisdiction
  • Joined the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS)
  • Eliminated preferential tax regimes

Balancing Act: Confidentiality and Compliance

Striking a balance between global obligations and safeguarding confidentiality is a delicate act for the Cook Islands. Though no public registers for beneficial ownership exist, investigative powers remain in place. Information sharing is strictly adhered to legal provisions, preventing ‘fishing expeditions.’

Protection and Transparency

  • Cook Islands’ commitment to transparency and compliance:
    • Enhances credibility worldwide
    • Strenghens jurisdiction’s appeal for international trade and financial transactions

Resources and Contact Information

For more information on Cook Islands financial regulations and compliance, please explore our detailed resources.

Contact Us P.O. Box 3255 Clarkes Building, Parekura Rarotonga, COOK ISLANDS Email: enquiry@fsda.gov.ck Phone: +682 21-175

Office Hours Mon – Fri: 8am – 4pm Sat – Sun: Closed

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