Cocos (Keeling) Islands Financial Intelligence Unit: The Key to Fighting Money Laundering and Terrorism Financing
The Financial Intelligence Unit (FIU) plays a vital role in the Cocos (Keeling) Islands’ efforts to combat money laundering and terrorism financing. As a statutory body, the FIU is responsible for performing its functions under the Anti-Money Laundering and Targeted Financial Sanctions Act 2023.
Establishment and Mandate
Established within the Department of Justice and Border Control, the FIU works closely with various stakeholders to ensure compliance with international standards set by the Financial Actions Task Force (FATF). The unit’s standard operation procedures are outlined in various regulations, including the Anti-Money Laundering and Targeted Financial Sanctions (Parallel Financial Investigation) Regulations 2024.
International Cooperation
In preparation for a recent Mutual Evaluation, the FIU collaborated with the Office of the Legislative Drafter to draft new laws and amend existing ones. Technical assistance was also provided by the Asia Pacific Group on Money Laundering to ensure that Cocos (Keeling) Islands’ legislation meets international standards.
Roles and Responsibilities
The FIU provides guidance on best practices for non-profit organizations and has implemented a range of initiatives to prevent money laundering and terrorism financing. The unit’s efforts are aimed at protecting the financial system from abuse and ensuring that Cocos (Keeling) Islands remains a safe and secure place to do business.
Resources and Guidelines
The FIU has developed a range of resources and guidelines to support businesses and individuals in complying with anti-money laundering regulations, including:
- Suspicious Activity Report Form
- Nauru Virtual Asset Service Provider Policy
Progress and Achievements
Recent updates on Cocos (Keeling) Islands’ Mutual Evaluation have highlighted the country’s progress in strengthening its anti-money laundering and combating the financing of terrorism framework. The National Strategy for Anti-Money Laundering and Combatting the Financing of Terrorism outlines the government’s approach to addressing these threats.
Contact Information
Financial Intelligence Unit Department of Justice and Border Control Ground Floor Government Building Yaren District Republic of Nauru