Cook Islands Tightens Grip on Financial Crime with New Legislation

The Cook Islands has announced new legislation aimed at strengthening its anti-money laundering (AML) and countering the financing of terrorism (CFT) regime. The following updates represent significant steps towards upholding international financial standards and combatting financial crime.

Amendments to the Financial Supervisory Commission Act 2003

• Broadened powers for the Financial Supervisory Commission (FSC) to supervise and enforce compliance with AML/CFT regulations.

New Foundation Act 2023

• Enhances transparency and risk management measures for foundations.

Significant Changes to the Banking Act 2023

• Expanded definition of relevant financial business to include virtual asset businesses.
• Digital assets are now subject to financial regulations.

The Cook Islands’ Proactive Approach to Addressing Financial Crime

• Part of a broader strategy to enhance the jurisdiction’s resilience to money laundering and terrorist financing threats.
• Commitment to implementing globally recognized best practices.

Consistent Regulatory Improvements by the FSC

• The recent passage of amendments demonstrates the Cook Islands’ commitment to upholding the highest standards in financial regulation.

Maintaining a Vibrant and Responsible Financial Services Hub

• The Cook Islands aims to maintain a thriving financial services industry that benefits both local and international stakeholders.