Cook Islands Prioritizes Compliance with International Standards to Fight Financial Crimes
The Cook Islands government has reaffirmed its commitment to meeting global standards in the fight against money laundering, tax evasion, and financial crimes. To achieve this goal, the jurisdiction has implemented laws and regulations that align with international requirements.
Aligning with International Requirements
A key aspect of the Cook Islands’ approach is its compliance with FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard), which enables automatic financial information sharing between jurisdictions. This facilitates cooperation in tax administration and enhances transparency in financial transactions.
Strengthening Anti-Money Laundering/Counter-Terrorism Financing Regime
The country has also bolstered its anti-money laundering/counter-terrorism financing (AML/CFT) regime through the Financial Transactions Reporting Act 2017, ensuring compliance with the Financial Action Task Force’s (FATF) recommendations. This demonstrates the Cook Islands’ commitment to preventing financial crimes and maintaining a secure financial environment.
Cooperating Tax Jurisdiction
The Cook Islands has demonstrated its commitment to being a cooperative tax jurisdiction by joining the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS). The country has also eliminated preferential tax regimes, earning recognition as a cooperative tax jurisdiction. This approach promotes transparency in international taxation and enhances the Cook Islands’ reputation globally.
Protecting Personal Information
While there is no public register of beneficial ownership, the Cook Islands ensures that personal information remains protected. The jurisdiction maintains investigative powers and adheres strictly to legal provisions when sharing information, thereby deterring fishing expeditions and safeguarding confidentiality for legitimate businesses.
Enhanced Credibility and Appeal
This approach has enhanced the Cook Islands’ credibility globally, reassuring governments, institutions, businesses, and individuals alike. It has also strengthened the jurisdiction’s appeal for international trade and financial transactions, promoting transparency and compliance while preserving privacy.
Contact Information
The Cook Islands Financial Services Development Authority (FSDA) is responsible for overseeing the country’s financial regulations and ensuring compliance with international standards. You can contact the 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 from 8am to 4pm, and Saturday and Sunday from closed
By prioritizing compliance with international standards, the Cook Islands has demonstrated its commitment to fighting financial crimes and promoting transparency in financial transactions.