Cook Islands Finance Sector Under Spotlight as Compliance Risks Emerge

======================================================

A comprehensive review of risk in the Cook Islands’ financial institutions and designated non-financial businesses and professions has highlighted potential compliance risks that need to be addressed. The “2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk” report builds on the country’s 2015 National Money-Laundering and Terrorism Financing Risk Assessment, providing a detailed assessment of primary threats and high-risk sectors as well as secondary threats in low-risk sectors.

Key Findings

• The review highlights potential compliance risks that need to be addressed in the financial sector.
• The report provides a detailed assessment of primary threats and high-risk sectors, as well as secondary threats in low-risk sectors.
• The involvement of all relevant authorities and the role of the National Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Committee are crucial in this process.

Compliance Risks

• Money laundering and terrorist financing risks within the Cook Islands need to be reduced.
• AML/CFT risk policies and activities by all authorities, reporting institutions, and designated non-financial businesses and professions should be prioritized.
• The report’s findings will inform the prioritization of AML/CFT risk policies and activities.

International Standards

• The review is part of the country’s ongoing efforts to comply with international standards and recommendations, including those set by the Financial Action Task Force (FATF).
• Previous risk assessments conducted by the Cook Islands in 2015 and 2008 have helped shape the country’s approach to combating money laundering and terrorist financing.

Accessing the Report

• The full report can be accessed online.
• The report provides valuable insights into the financial sector’s compliance risks and efforts to mitigate them.