Financial Crime World

Financial Inclusion and Compliance Regime Takes Shape in the Cook Islands

The Cook Islands’ financial sector has undergone significant reforms in recent years, aimed at enhancing financial inclusion and ensuring compliance with international standards.

The Financial Supervisory Commission (FSC)

At the heart of these efforts is the Financial Supervisory Commission (FSC), which administers a range of enactments and regulations governing various sectors, including:

  • Banking
  • Insurance
  • Foundations
  • Money-changing and remittance businesses
  • Trustee companies
  • International and foreign companies
  • Limited liability companies
  • International trusts
  • International partnerships
  • Pacific Catastrophe Risk Insurance Facility

Key Legislation

The FSC has introduced key pieces of legislation to regulate these sectors, including:

  • Financial Supervisory Commission Act 2003
  • Banking Act 2011
  • Insurance Act 2008
  • Foundations Act 2012
  • Digital Registers Act 2011
  • Limited Liability Companies Act 2008
  • International Trusts Act 1984
  • International Partnerships Act 1984

Regulations

The FSC has also introduced various regulations to govern these sectors, including:

  • Banking (Fees) (Amendment) Regulations 2014
  • Insurance Amendment Regulations 2014
  • Money-Changing & Remittance Businesses Amendment Regulations 2014
  • Trustee Companies Regulations 2014
  • International Companies (Forms) Regulations 1982
  • Limited Liability Companies (Prescribed Fees) (Amendment) Regulations 2014

Promoting Financial Inclusion

The Cook Islands has implemented a range of laws aimed at promoting financial inclusion, including:

  • Digital Registers Act 2011
  • Pacific Catastrophe Risk Insurance Facility

Important Note

While every effort is made to ensure that this legislation is up-to-date, due to small changes frequently being made, no guarantee can be given about its current status. All enquiries as to statutes, regulations and other statutory instruments should be directed to the Clerk of the Parliament of the Cook Islands.

Contact Information

Contact details for the Parliamentary Services Clerk are: