Cook Islands Prioritizes Compliance with International Standards for Financial Professionals
Strengthening Financial Integrity through Regulatory Compliance
The Cook Islands Government has taken a significant step in combating money laundering, tax evasion, and financial crimes by prioritizing compliance with international standards. The country has enacted laws and regulations that align with global requirements, integrating FATCA and CRS into its legal framework for automatic financial information sharing.
Enhancing Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Regime
The Cook Islands has bolstered its AML/CFT regime through the Financial Transactions Reporting Act 2017, ensuring compliance with FATF recommendations. This move has earned the jurisdiction recognition as a cooperative tax regime by joining the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS).
Safeguarding Confidentiality for Legitimate Businesses
While meeting international obligations is crucial, the Cook Islands also safeguards confidentiality for legitimate businesses, protecting personal information from unauthorized access. With no public registers for beneficial ownership, the country maintains investigative powers while ensuring that information sharing adheres strictly to legal provisions, deterring fishing expeditions.
Strengthening Credibility and Reputation
This approach has enhanced the Cook Islands’ credibility globally, reassuring governments, institutions, businesses, and individuals alike. The jurisdiction’s reputation as a responsible financial hub is now stronger than ever, making it an attractive destination for international trade and financial transactions. Transparency and compliance are prioritized while privacy is preserved, making it an ideal location for financial professionals to operate.
Contact Information
For more information on Cook Islands financial regulations, contact the Financial Supervisory Commission at:
- P.O. Box 3255, Clarkes Building, Parekura, Rarotonga, Cook Islands
- Phone: +682 21-175
- Email: enquiry@fsda.gov.ck
- Office hours: Monday to Friday from 8am to 4pm, and Saturday and Sunday are closed