Financial Crime World

Cook Islands Takes a Proactive Approach to Financial Crime Prevention, Enhancing Global Credibility

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The Cook Islands Government has demonstrated its commitment to combating financial crimes such as money laundering and tax evasion by prioritizing compliance with international standards. This approach has led to the jurisdiction being recognized as a cooperative tax authority.

Enacting International Standards

To achieve this, the Cook Islands has enacted laws and regulations that align with global requirements. The Financial Transactions Reporting Act 2017 was introduced to bolster its Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime, ensuring compliance with the Financial Action Task Force’s (FATF) recommendations.

Balancing International Obligations with Confidentiality

Balancing international obligations with safeguarding confidentiality for legitimate businesses is a delicate task. The Cook Islands has struck a balance by ensuring personal information remains protected while meeting global standards. To maintain transparency, the government maintains investigative powers but adheres strictly to legal provisions, deterring fishing expeditions.

Enhancing Global Credibility

This approach has enhanced the Cook Islands’ credibility globally, reassuring governments, institutions, businesses, and individuals of its commitment to transparency and compliance. The jurisdiction’s appeal for international trade and financial transactions has been strengthened, promoting a trusted environment for financial activities while preserving privacy.

Financial Services Development Authority (FSDA)

The Cook Islands Financial Services Development Authority (FSDA) is responsible for overseeing the country’s financial regulations and providing guidance on compliance matters. For more information on Cook Islands financial regulations, individuals can:

  • Contact the FSDA at enquiry@fsda.gov.ck or +682 21-175
  • Explore the government’s website
  • Visit the office in Clarkes Building, Parekura, Rarotonga (office hours: Monday to Friday, 8am to 4pm; closed on Saturdays and Sundays)

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