Financial Crime World

Cook Islands Launches Financial Crime Hotline to Combat Money Laundering and Tax Evasion

The Cook Islands Government has launched a financial crime hotline aimed at combating money laundering and tax evasion. This initiative is part of the country’s efforts to meet international standards and strengthen its reputation as a cooperative jurisdiction.

Meeting International Requirements

The Cook Islands has enacted laws and regulations aligned with international standards, including:

  • FATCA (Foreign Account Tax Compliance Act) for automatic financial information sharing
  • CRS (Common Reporting Standard) for automatic exchange of financial information
  • AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) regime

The country has also joined the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), eliminating preferential tax regimes in the process.

The Financial Crime Hotline

The financial crime hotline is designed to strike a balance between meeting international obligations and safeguarding confidentiality for legitimate businesses. The hotline will:

  • Maintain investigative powers to deter fishing expeditions and ensure transparency
  • Protect personal information while ensuring transparency

Enhancing Global Credibility

The Cook Islands’ approach has enhanced its credibility globally, reassuring governments, institutions, businesses, and individuals. The jurisdiction’s appeal for international trade and financial transactions has been strengthened, promoting:

  • Transparency
  • Compliance
  • Privacy

Contact Information

Residents and visitors can contact the Cook Islands Financial Services Development Authority (FSDA) at:

  • 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 to 4pm)

Commitment to Transparency

The FSDA is committed to ensuring the Cook Islands remains a trusted and transparent financial hub in the Pacific region. With its new financial crime hotline, the country is taking a proactive stance against money laundering and tax evasion, protecting:

  • Its reputation
  • The interests of its citizens and visitors alike