Cook Islands Finance Sector Excels in Wealth Building and Protection
The Cook Islands has established itself as a leader in the global finance sector by introducing innovative products and services that cater to high net worth individuals (HNWIs) seeking wealth protection, management, and preservation. This is despite the trend of increased financial transparency and accountability worldwide.
A Balance between Transparency and Confidentiality
According to Alan Taylor, CEO of Cook Islands Finance, the jurisdiction’s ability to balance its international obligations with legitimate confidentiality has contributed to its reputation for best-in-class transparency and accountability. “We have been proactive in meeting our global commitments on money laundering and financial transparency,” he said.
Pioneering Products and Services
The Cook Islands has introduced a range of pioneering products and services designed to safeguard assets from creditors, including:
- Innovative Trust Laws: Providing a secure and confidential environment for HNWIs to settle their trusts.
- Foundation Legislation: Offering a flexible and adaptable framework for establishing foundations that meet individual needs.
- Limited Liability Company Regulations: Enabling businesses to operate with greater security and protection.
International Relationship Property Trusts Act 2021
One notable example of the Cook Islands’ innovative approach is the International Relationship Property Trusts Act 2021, which provides for the establishment of Cook Islands International Relationship Property Trusts (IRPT). This statutory regime allows couples in a relationship to settle an irrevocable trust and provide certainty as to how settled property will be administered, managed, and distributed during their relationship and in the event of separation.
Meeting International Standards
The Cook Islands has passed laws and regulations necessary to meet international standards on money laundering and financial transparency. It has incorporated FATCA and CRS into its laws for automatic exchange of information with other countries. The jurisdiction has also strengthened its anti-money laundering (AML) framework and introduced new AML legislation.
A Safe and Secure Destination
According to Taylor, these initiatives have helped the Cook Islands maintain its reputation as a safe and secure destination for HNWIs to protect their assets. “Our commitment to integrity, expertise, and reliability continues to be our strength,” he said.
For more information on how the Cook Islands Finance sector can assist you in building, managing, and protecting your wealth, visit https://www.cookislandsfinance.com/