Cook Islands Embarks on Compliance Risk Assessment to Mitigate Money Laundering and Terrorist Financing Risks

The Cook Islands Financial Intelligence Unit (FIU) has conducted a comprehensive review of risk in collaboration with key agencies, the private sector, and competent authorities to identify and assess money laundering and terrorist financing risks within the country’s financial institutions and designated non-financial businesses and professions sectors.

Review of Risk Highlights Positive Progress

The report, titled “2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk”, demonstrates the positive progress made by the Cook Islands since the publication of the National Risk Assessment in 2015. The review showcases the country’s commitment to identifying, assessing, and understanding its ML/TF risks.

Assessment is an Important Step Towards Mitigating Risks

The assessment is a crucial step towards mitigating the risk of money laundering and terrorist financing within the Cook Islands. It enables authorities, reporting institutions, and designated non-financial businesses and professions to prioritize AML/CFT risk policies and activities in a coordinated manner.

Cook Islands’ History of Conducting National Risk Assessments

The Cook Islands has a long history of conducting national risk assessments, dating back to 2008 when the FIU engaged international expert Mr. John Walker to assist with a national risk assessment using the World Bank model. The country has continued to build on this work, incorporating lessons learned and best practices into its AML/CFT framework.

Commitment to Combating Money Laundering and Terrorist Financing

The Cook Islands’ commitment to combating money laundering and terrorist financing is evident in its compliance with the Financial Action Task Force (FATF) Recommendations and relevant domestic legislation. The country’s anti-money laundering/counter financing of terrorism (AML/CFT) regime has been strengthened through a series of reforms, including the introduction of new laws and regulations.

Full Report Available Online

The full report can be accessed online, providing valuable insights into the country’s money laundering and terrorist financing risks and its efforts to mitigate these threats.