Financial Crime World

Cook Islands Takes Steps to Combat Terrorism Financing

Wellington, October 6, 2001 - The Cook Islands has taken significant steps to prevent and detect illegal financial activities in an effort to combat terrorism financing.

Legislation

The Cook Islands has introduced legislation to combat money laundering and terrorism financing. The Crimes Amendment Act 2003 criminalized the laundering of proceeds from crime, while the Proceeds of Crime Act 2003 gave law enforcement agencies the power to search, seize, and restrain property believed to be the proceeds of crime.

The Financial Transactions Reporting Act (FTRA) 2003 introduced new reporting requirements for financial institutions, including cash and electronic funds transfers exceeding $10,000. These requirements are designed to assist in detecting and deterring money laundering.

FIU Structure

To facilitate the prevention, detection, investigation, and prosecution of money laundering, terrorism financing, and other serious offenses, the Cook Islands has established a Financial Intelligence Unit (FIU). The FIU is responsible for receiving reports from financial institutions and analyzing information to identify suspicious transactions.

The FIU’s functions include:

  • Receiving reports from financial institutions and analyzing information
  • Collecting publicly available information, including commercially available databases
  • Referring matters to the police for investigation if there are reasonable grounds to suspect a serious offense
  • Requesting information from law enforcement agencies and supervisory authorities
  • Analyzing and assessing all reports and information

Commitment to Combating Terrorism Financing

The Cook Islands is committed to combating terrorism financing and money laundering. The FIU plays a critical role in this effort, working closely with financial institutions, law enforcement agencies, and other authorities to identify and disrupt illegal financial activities.

By taking these steps, the Cook Islands demonstrates its commitment to preventing and detecting terrorist financing and money laundering, and its willingness to work with international partners to combat these serious threats.