Financial Crime World

Cook Islands Release New Financial Crime Risk Assessment Report: 2017 Review of Risk

In a commendable effort to strengthen its stance against financial crimes, the Cook Islands have published the 2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk. This report represents a significant stride in identifying, assessing, and managing risks related to money laundering (ML) and terrorist financing (TF).

Key Takeaways from the 2017 Report

  • The report underscores the Cook Islands’ proactive approach in combating financial crimes
  • Collaborative efforts from all competent authorities and the private sector were instrumental in its creation
  • It demonstrates the country’s commitment to meet the standards set by the Financial Action Task Force (FATF)

The detailed analysis provided in the report covers primary and high-risk sectors as well as secondary and low-risk sectors. You can access the full report here.

The Previous Assessments: A Snapshot

2015 Assessment: The Cook Islands conducted their first national risk assessment report in 2015, comprised of a collaborative effort between the Cook Islands Financial Intelligence Unit and key agencies of the AML/CFT Committee. The private sector also contributed extensively. This report highlighted the progress made since the 2008 Money-Laundering Risk Analysis, emphasizing the Cook Islands’ commitment to international best practices.

2008 Assessment: Conducted by Mr. John Walker, an Associate Professor at Wollongong University in Australia, the 2008 assessment served as the foundation for the subsequent risk assessments. Mr. Walker was responsible for a similar study for Australia in 1995 and has worked with the International Monetary Fund. You can access the full 2008 report here.

Importance of Regular Risk Assessments

Regular risk assessments play a crucial role in identifying potential vulnerabilities and facilitating development of targeted counter-measures. This proactive approach is essential for any country to maintain a robust AML/CFT regime and ensure financial integrity.