Financial Crime World

Cook Islands’ Financial Intelligence Unit Plays Pivotal Role in Combating Money Laundering and Terrorism Financing

Establishment of CIFIU

The Cook Islands established its Financial Intelligence Unit (CIFIU) in 2002 to combat the growing threat of money laundering and terrorism financing. Initially an independent agency of the Government, CIFIU became a specialized unit of the Financial Supervisory Commission on July 1, 2012.

Mandate and Responsibilities

The primary mandate of CIFIU is to coordinate the implementation of the country’s anti-money laundering and countering the financing of terrorism (AML/CFT) regime, as directed by Cabinet in 2003. Key responsibilities include:

  • Collecting, analyzing, and disseminating financial information and intelligence on suspected money laundering, terrorist activities, and other serious offenses to relevant authorities within Cook Islands and internationally.
  • Regulating and conducting compliance examinations of all registered Reporting Institutions in the country, as stipulated by the Financial Transaction Reporting Act 2017 (FTRA).

Reporting Institutions

Reporting Institutions, classified under the FTRA, include a wide range of entities conducting business in Cook Islands and serving customers across various activities. These include:

  • Banks
  • Financial service providers
  • Trustees
  • Insurance companies
  • International companies
  • Real estate agents
  • Accountants
  • Lawyers
  • Motor vehicle dealers
  • Money brokers
  • Investment and portfolio advisors
  • Gambling operators
  • Pearl dealers
  • Friendly societies
  • Non-profit organizations

Importance of CIFIU’s Efforts

The CIFIU’s efforts are crucial in maintaining the Cook Islands’ reputation as a stable and secure financial hub. By working closely with Reporting Institutions to ensure compliance with AML/CFT regulations, the unit plays a vital role in preventing illicit activities and protecting the country’s financial integrity.

By combating money laundering and terrorism financing, CIFIU helps maintain the trust and confidence of international partners and investors, ensuring the continued growth and development of the Cook Islands’ economy.