Cook Islands Passes Major Test in Global Anti-Money Laundering and Counter-Terrorist Financing Evaluation

The Cook Islands, a Pacific Island nation, recently underwent a comprehensive assessment of its implementation of anti-money laundering and counter-terrorist financing (AML/CFT) measures. The evaluation was conducted jointly by the Asia/Pacific Group on Money Laundering (APG) and the Group of International Finance Centre Supervisors (GIFCS).

Background

• The Cook Islands are a Pacific Island nation
• APG: inter-governmental organization setting standards for AML/CFT measures
• GIFCS: group of supervisors overseeing financial sector in international financial centers

Key Improvements

The assessment report highlighted the following improvements in the Cook Islands’ financial crime prevention framework:

1. Advancements in Legal and Regulatory Frameworks
2. Enhanced Financial Intelligence Unit (FIU) Functions
3. Increased Resources Dedicated to Investigations and Enforcement

Proactive Approach

The Cook Islands have taken a proactive approach to adhere to international best practices in combating financial crimes. They have:

• Implemented measures that comply with FATF standards and guidelines
• Cooperation with international counterparts

Positive Evaluation Report

The positive evaluation report:

• Boosts Cook Islands’ standing in global fight against financial crimes
• Contributes to increased financial stability and security in Pacific Island region

Ongoing Commitment

The Cook Islands will continue to:

• Cooperate with international organizations like APG and FATF
• Stay informed of latest regulatory practices
• Ensure ongoing compliance with highest international standards