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Cook Islands Emphasizes Anti-Money Laundering Compliance, Strikes Balance Between Transparency and Confidentiality
The Cook Islands Government has prioritized compliance with international standards, particularly in the fight against money laundering, tax evasion, and financial crimes. To achieve this goal, the country has enacted laws and regulations that align with global requirements.
Meeting Global Standards
- The Cook Islands has integrated the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) into its legal framework for automatic financial information sharing.
- It has bolstered its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime with the Financial Transactions Reporting Act 2017, ensuring compliance with recommendations from the Financial Action Task Force (FATF).
Cooperative Jurisdiction
The Cook Islands has demonstrated its commitment to international cooperation by joining the Organisation for Economic Co-operation and Development’s (OECD) Inclusive Framework on Base Erosion and Profit Shifting (BEPS). The jurisdiction has also eliminated preferential tax regimes, earning recognition as a cooperative tax jurisdiction.
Balancing Act
The Cook Islands has struck a delicate balance between meeting international obligations and safeguarding confidentiality for legitimate businesses. While personal information remains protected, the country maintains investigative powers to ensure transparency and compliance.
Protection and Transparency
- In contrast to jurisdictions with public registers of beneficial ownership, the Cook Islands maintains secrecy while adhering strictly to legal provisions on information sharing.
- This approach deters fishing expeditions and ensures that confidentiality is preserved for legitimate businesses.
Enhanced Credibility
The Cook Islands’ approach has enhanced its credibility globally, reassuring governments, institutions, businesses, and individuals of its commitment to transparency and compliance. This has strengthened the jurisdiction’s appeal for international trade and financial transactions, promoting a safe and secure environment for investors and stakeholders alike.
Contact Information
If you would like to learn more about Cook Islands financial regulations or inquire about specific services, please contact:
- Address: P.O. Box 3255, Clarkes Building, Parekura, Rarotonga, COOK ISLANDS
- Email: enquiry@fsda.gov.ck
- Phone: +682 21-175
Office Hours
Monday to Friday: 8am - 4pm Saturday and Sunday: Closed