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Cook Islands’ Fight Against Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction
A new era has begun in the Cook Islands’ efforts to combat money laundering, terrorist financing, and proliferation of weapons of mass destruction (ML/TF/FOP). The Financial Intelligence Unit (FIU) plays a crucial role in receiving and analyzing all financial intelligence, while other government agencies work together to share information and detect threats.
The National AML/CFT Coordinating Committee
To enhance the effectiveness of the ML/TF/FOP regime, the Cook Islands has established a smaller, more focused National AML/CFT Coordinating Committee (NACC). This committee will be responsible for formulating and developing policies to combat ML/TF/FOP. The private sector, particularly financial institutions and Trust Service Providers (TSCPs), will play a key role in this effort.
Training Programs
To improve the knowledge and understanding of ML/TF/FOP among those involved in the AML/CFT regime, training programs are being planned by the Financial Services Commission (FSC) and FIU. These programs will be essential for all those who have a role to play within the regime, including members of Parliament.
The Financial Intelligence Unit
As the primary authority responsible for receiving and analyzing financial intelligence, the FIU will play a critical role in detecting and disrupting ML/TF/FOP activities. The unit’s analysis of information and data from key government agencies and the private sector has identified the primary threats to the Cook Islands’ economy.
Primary Threats
The review of previous National Risk Assessments (NRAs) and Typologies Reports, as well as discussions with key personnel in FSC and FIU, have identified the following primary threats:
- Cash-intensive businesses
- Real estate transactions
- Trade-based money laundering
- Shell companies and trusts
High-Risk Sectors
The analysis has also highlighted the following high-risk sectors:
- Banking and financial services
- Trust Service Providers (TSCPs)
- Real estate agents and developers
Concerted National Effort
To combat ML/TF/FOP risks, a concerted national effort is necessary. The Cook Islands’ authorities are committed to working together with the private sector to detect, disrupt, deter, and mitigate these risks.
Conclusion
The Cook Islands is taking a proactive approach to combating ML/TF/FOP, recognizing the importance of a coordinated national effort. This report highlights the primary threats and high-risk sectors, providing a solid foundation for future initiatives and strategies. By working together, we can protect our economy and prevent the misuse of our financial system.