Financial Crime World

Cook Islands Prioritizes Financial Inclusion and Compliance Amid Global Scrutiny

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The Cook Islands Government has taken a proactive approach to ensure compliance with international standards, focusing on the fight against money laundering, tax evasion, and financial crimes. To achieve this, the country has implemented laws and regulations aligned with global requirements.

Implementing International Standards

  • The Cook Islands has integrated the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) into its legal framework for automatic financial information sharing.
  • The country has also bolstered its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime through the Financial Transactions Reporting Act 2017, meeting recommendations from the Financial Action Task Force (FATF).

Joining International Initiatives

  • The Cook Islands has joined the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS), eliminating preferential tax regimes and earning recognition as a cooperative tax jurisdiction.

Balancing Global Obligations with Confidentiality

  • The country strikes a delicate balance between meeting international obligations and safeguarding confidentiality for legitimate businesses, ensuring personal information remains protected.
  • Unlike some jurisdictions, the Cook Islands does not maintain public registers for beneficial ownership, instead relying on investigative powers and strictly adhering to legal provisions when sharing information.

Strengthened Credibility

  • This proactive approach has enhanced the Cook Islands’ credibility globally, reassuring governments, institutions, businesses, and individuals alike.
  • The jurisdiction’s appeal for international trade and financial transactions has been strengthened, promoting transparency and compliance while preserving privacy.

Contact Information

  • For those seeking information on Cook Islands financial regulations, the primary point of contact is the Financial Services Development Authority (FSDA) located in Rarotonga.
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