Cook Islands’ Financial Intelligence Unit: Empowering the Ethical Crusade Against Money Laundering and Financial Crimes

The Cook Islands’ Financial Intelligence Unit (FIU) has been at the forefront of the nation’s commitment to combat financial crimes and money laundering, strengthening its regulatory framework with the enactment of the FIU Act 2015.

Significant Milestone: The FIU Act 2015

• The FIU Act received royal assent in June 2015
• Granted enhanced powers to the FIU as an independent unit under the Financial Supervisory Commission (FSC)
• Established statutory basis for the FIU’s oversight, investigation, and analysis of financial misconduct (Regulatory Framework)

Enhanced Legislation and Oversight

The FIU is currently overseeing the implementation of several crucial acts and regulations:

• Financial Transactions Reporting Act 2017 (FTRA)
• FTRA Amendment Act 2017
• Financial Transactions Reporting Regulations 2017
• Financial Transactions Reporting (Maritime Cook Islands) Regulations 2017

Joint Enforcement with Relevant Authorities

The FIU collaborates with relevant authorities to enforce the following acts:

• The Banks Act
• The Insurance Act
• The Money Changing Business Act
• The Trustee Companies Act

Ongoing Challenges and Response

• BEC scams and other financial crimes
• Need for continuous efforts against unethical practices

Stay Informed: Public Bulletins and Training

• Public Bulletins: Stay updated on financial news, regulations, and AML efforts in the Cook Islands
• Training programs: Maintain expertise in detecting and reporting financial crimes

Unwavering Commitment

• Robust and effective regulatory landscape
• Focus on public trust and economic growth.

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