Financial Crime World

COOK ISLANDS FINANCIAL INTELLIGENCE UNIT LEADS REGIONAL FIGHT AGAINST SERIOUS FINANCIAL CRIMES

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The Cook Islands Financial Intelligence Unit (CIFIU) has co-hosted the annual Pacific Financial Intelligence Community (PFIC) Plenary, bringing together Financial Intelligence Units from across the region to bolster partnerships in the fight against serious financial crimes.

Strengthening Partnerships Against Financial Crime

The three-day conference, held at The Edgewater Resort in Rarotonga, provided a valuable opportunity for FIUs to explore initiatives to combat financial crime, including joint operations, capacity building activities and region-wide technological enhancements. The event was co-hosted by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and CIFIU.

Regional National Risk Assessment

Walter Henry, head of Cook Islands FIU and PFIC co-chair, has agreed to stay on in his position for another year. Henry expressed enthusiasm for the development of a Regional National Risk Assessment, which would provide a model that can apply to all Pacific Island countries.

PFIC Collaboration and Information Sharing: Statement of Intent

During the plenary, members confirmed the effectiveness of PFIC as a network of aligned partners and noted their intention to move ahead together through the signing of the “PFIC Collaboration and Information Sharing: Statement of Intent”. The statement outlines initiatives the members will explore to combat financial crime.

Strategic Initiatives

  • Formalizing partnerships with regional multilateral bodies such as the Pacific Islands Chief of Police, Asia Pacific group on money laundering and Pacific Anti-Money Laundering (AML) Supervisors Forum.
  • Enabling PFIC members to partner with non-member FIUs that hold substantial Pacific interests.

Collaborative Initiatives

  • Sharing information and joint analysis through multilateral intelligence projects.
  • Encouraging information sharing between PFIC members by sharing lists of persons of interest.

Data Analytics System

AUSTRAC has provided CIFIU with Taipan, a new data analytics system for financial intelligence analysts to detect suspicious financial patterns related to criminal activities. The system will be rolled out to all PFIC members (excluding Australia and NZ) and a community of practice established through the Taipan User Group.

Focus Areas for Next Year

  • Transnational Serious Organised Crime
  • Narcotics Trafficking
  • Child Sexual Abuse and Exploitation
  • Corruption
  • Politically Exposed Persons

Conclusion

Twenty-seven delegates attended the plenary, including representatives from FIUs in Australia, Cook Islands, Fiji, Kiribati, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga and Tuvalu. The next PFIC plenary will be held in Australia.