Financial Crime World

Financial Crime Investigation Unit in Cook Islands Tackles Money Laundering and Terror Financing

The Cook Islands Financial Intelligence Unit (CIFIU) has been at the forefront of combating financial crime in the region, with its mandate dating back to 2002. Initially established as an independent agency of the Government of the Cook Islands, CIFIU became a specialized unit of the Financial Supervisory Commission on July 1, 2012.

Mandate and Responsibilities

In 2003, the Cabinet tasked CIFIU with coordinating the implementation of the Cook Islands anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The unit is responsible for:

  • Collecting, analyzing, and disseminating financial information and intelligence on suspected money laundering, terrorist financing, and other serious offenses to relevant authorities in the Cook Islands and internationally.
  • Regulating and conducting compliance examinations of all registered Reporting Institutions in the Cook Islands as per the Financial Transaction Reporting Act 2017 (FTRA).

Reporting Institutions

The CIFIU regulates and conducts compliance examinations of all registered Reporting Institutions in the Cook Islands, which are classified under the FTRA as:

  • Persons or entities conducting business for and on behalf of customers in various activities, including:
    • Banking
    • Financial services
    • Insurance
    • International companies
    • Real estate
    • Accounting
    • Law
    • Motor vehicle dealing
    • Money broking
    • Investment and portfolio advisory services
    • Gambling
    • Pearl trading
    • Friendly societies
    • Non-profit organizations

Dual Roles

The CIFIU’s dual roles of investigating financial crimes and regulating Reporting Institutions are distinct but complementary. The unit works closely with approved organizations and countries to prevent the misuse of the Cook Islands’ financial system for illicit activities.

Contribution to Anti-Money Laundering and Counter-Terrorism Initiatives

CIFIU’s efforts have contributed significantly to the region’s anti-money laundering and counter-terrorism initiatives, making it a critical component in the fight against financial crime. Its work has helped to prevent the misuse of the Cook Islands’ financial system for illicit activities and has strengthened cooperation with international partners.