Cook Islands Strengthens Anti-Money Laundering Policies: 2017 National Risk Assessment Reveals Progress
The Cook Islands have made significant strides in strengthening their anti-money laundering (AML) and counter-terrorist financing (CTF) policies with the recent release of the 2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk. Here’s a look at the essential findings from the report.
Evaluating Money Laundering and Terrorist Financing Risks
The Cook Islands Financial Intelligence Unit (FIU) and key regulatory agencies conducted an in-depth assessment of money laundering and terrorist financing risks in the Cook Islands. The report, titled “2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk,” is the second of its kind and builds upon the findings of the 2015 National Risk Assessment.
Primary and Secondary Threats
The 2017 report identifies primary threats and high-risk sectors, as well as secondary threats in low-risk sectors. This information is combined into an overarching document demonstrating the Cook Islands’ commitment to identifying, assessing, and mitigating potential money laundering and terrorist financing risks.
Primary Threats & High-Risk Sectors
- Primary Threats: Money laundering and terrorist financing risks associated with specific sectors.
- High-Risk Sectors: Real estate, high value goods trade, legal профеssion, and other sectors.
Secondary Threats & Low-Risk Sectors
- Secondary Threats: Indirect risks that result from the above primary threats.
- Low-Risk Sectors: Excluding real estate, high value goods trade, legal profession, and other high-risk sectors.
Overarching Report
Both assessments combined into an overarching report highlight the Cook Islands’ efforts to effectively combat financial crimes.
Historical Context
The Cook Islands have a long history of risk assessment and understanding.
- 2008: Initiated first national risk assessment with the assistance of Mr. John Walker from Wollongong University in Australia.
- 2015: Cook Islands National Money-Laundering and Terrorism Financing Risk Assessment Report published.
- 2017: Latest assessment report released, building on the 2015 findings.
Accessing Reports
You can find the following reports online:
These reports will be invaluable resources for regulators, reportable institutions, and Designated Non-Financial Businesses and Professions (DNFBPs) as they prioritize their AML/CFT risk policies and activities in a coordinated manner. With ongoing assessment and understanding of risks, the Cook Islands will ultimately reduce money laundering and terrorist financing risks within their borders.