Financial Crime World

Financial Market Integrity in Cook Islands Remains Strong Amidst COVID-19 Pandemic

Despite the unprecedented global crisis caused by the COVID-19 pandemic, the Financial Supervisory Commission (FSC) of the Cook Islands has expressed strong confidence in the stability and integrity of the country’s banking sector.

Banking Sector Remains Sound

According to Louise Wittwer, Commissioner for the FSC, the banking sector is sound and well-equipped to withstand the economic challenges posed by the pandemic. Wittwer emphasized that the FSC has taken several measures to ensure the safety and soundness of financial institutions, including:

  • Providing avenues for customers to raise concerns or complaints
  • Stepping up active monitoring of banks
  • Seeking outside expertise

Strong Working Relationships with Licensed Banks

The Commissioner also noted that the FSC has strong working relationships with licensed banks, which are working hard to serve their customers’ interests responsibly. Wittwer acknowledged that the current situation is challenging, but reassured the public that the FSC is committed to ensuring that banks honor their commitments to the government’s COVID-19 Economic Response Package.

Combatting Money Laundering and Terrorist Financing

The Cook Islands Financial Regulator has also been praised for its efforts in combating money laundering and terrorist financing. In 2018, the country received a very positive Mutual Evaluation Report from the Asia Pacific Group on Money Laundering (APG), with 38 out of 40 FATF Recommendations receiving Largely Compliant or Compliant ratings.

Promoting Financial Stability and Integrity

The FSC has also hosted several regional seminars on financial services and regulation, including a seminar on e-money and digital payment systems. The Commission’s commitment to promoting financial stability and integrity in the Cook Islands is evident in its publication of the National Risk Assessment Report 2015 on money laundering, terrorism financing, and serious offenses.

Conclusion

In light of these efforts, it is reassuring to know that the Financial Supervisory Commission remains vigilant and proactive in ensuring the integrity of the Cook Islands’ financial market. With its commitment to promoting financial stability and combating financial crimes, the FSC continues to play a crucial role in maintaining the country’s financial integrity.