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Cook Islands Tightens Grip on Financial Crime with New Legislation

The Cook Islands has announced significant updates to its anti-money laundering (AML) and countering the financing of terrorism (CFT) regime, aimed at upholding international financial standards and combating financial crime.

Strengthened Oversight

The Financial Supervisory Commission Act 2003 has been amended, granting broadened powers to the Financial Supervisory Commission (FSC) to supervise and enforce compliance with AML/CFT regulations. This enhanced oversight will ensure that financial institutions operating in the Cook Islands are held to the highest standards of transparency and accountability.

Enhanced Transparency for Foundations

A new Foundation Act 2023 has been introduced, enhancing transparency and risk management measures for foundations operating within the jurisdiction. These reforms aim to prevent the misuse of charitable organizations and protect the integrity of the financial system.

Digital Assets under Regulatory Umbrella

The Banking Act 2023 has undergone significant changes, now including virtual asset businesses in its definition of relevant financial business. This move brings digital assets under the umbrella of financial regulations, ensuring that all financial transactions are subject to scrutiny and oversight.

Proactive Approach to Financial Crime

The Cook Islands’ proactive approach to addressing financial crime is part of a broader strategy aimed at enhancing the jurisdiction’s resilience to money laundering and terrorist financing threats. The government has committed to implementing globally recognized best practices in financial regulation, demonstrating its commitment to maintaining the highest standards.

Ongoing Efforts to Improve Regulatory Frameworks

The recent passage of amendments demonstrates the FSC’s consistent efforts to improve regulatory frameworks and maintain a vibrant and responsible financial services hub. The Cook Islands aims to continue attracting international investment while ensuring that local stakeholders benefit from its thriving financial sector.

A Clear Message to International Partners

By implementing these reforms, the Cook Islands is sending a clear message to international partners and financial institutions that it is committed to maintaining a robust and transparent financial system, free from the scourge of financial crime.