Financial Crime World

FIU Engages with International Partners to Combat Financial Crimes

The Financial Intelligence Unit (FIU) of the Cook Islands has had a busy year engaging with international partners and conducting various activities to combat financial crimes.

Strengthening International Cooperation

In March 2022, the FIU engaged with New Zealand’s Transactional Crime Unit (TCU) to increase support for CINIT members, focusing on operational and capacity development for the Cook Islands. As a result, NZ FIU approved increased access to its information, making it the first jurisdiction in the Pacific region to do so.

The FIU also attended several key engagements in 2021/2022, including:

  • A joint information session by Ora Partners and the Financial Services Development Authority on “the digital transformation in the Cook Islands” as part of the preliminary scoping for the development of a bespoke FIU database.
  • A meeting with a United States authority delegation to discuss international cooperation between the U.S. and the Cook Islands to combat money laundering and cybercrime.

Compliance Work

According to the FIU’s annual report, the unit received a total of 123 complaints from both the public and private sector during the 2021/2022 period. The FIU Act 2015 allows the unit to investigate, collect evidence, and submit for prosecutorial action or warning.

The FIU also conducted various compliance activities, including:

  • Monitoring and reviewing reports submitted by financial institutions and designated non-financial businesses and professions (DNFBPs).

Training and Development

FIU staff members were restricted to travel due to COVID-19 restrictions and elected to participate in a number of virtual training and professional development opportunities. Some of the topics covered included:

  • Public-private partnerships
  • Digital transformation
  • Targeting trade-based money laundering
  • Risk-based supervision

The FIU also participated in various regional and international training events, including those organized by:

  • The Asia-Pacific Group on Money Laundering (APG)
  • The Financial Action Task Force (FATF)
  • The United Nations Office on Drugs and Crime (UNODC)

Future Plans

Looking ahead to 2022/2023, the FIU plans to continue its engagement with international partners and conduct various activities to combat financial crimes. The unit is expected to:

  • Finalize the development of its bespoke database
  • Continue to provide support to local law enforcement agencies

In addition, the FIU will be conducting a risk assessment exercise in collaboration with the Cook Islands’ Ministry of Finance and Economic Development to identify areas of high risk related to money laundering and terrorist financing.

Overall, the FIU’s efforts have been instrumental in strengthening the Cook Islands’ financial system and combating financial crimes.