Pacific Financial Intelligence Units Band Together to Battle Financial Crimes in the Cook Islands

The Financial Intelligence Units (FIUs) of Pacific Island countries gathered in Rarotonga, Cook Islands, from November 13 to 17, 2023, to establish stronger regional partnerships in their fight against financial crimes.

Participants and Objectives

The meeting, organized by the Pacific Islands Chiefs of Police (PICP) and the Australian Federal Police (AFP), was attended by representatives from FIUs in the following countries:

Australia
Cook Islands
Fiji
Kiribati
Marshall Islands
Nauru
Niue
Papua New Guinea
Samoa
Solomon Islands
Tonga
Tuvalu
Vanuatu

The primary objective of the gathering was to discuss and coordinate strategies to combat financial crimes such as money laundering, terrorism financing, and tax evasion, which pose significant threats to the economies and financial stability of Pacific Island Countries.

Significance of the Pacific Region

The Pacific region is considered a significant hub for illicit financial flows due to its geographical location and its status as a global trading hub. According to a recent report by the Asian Development Bank, the economic cost of money laundering and terrorist financing in the Asia-Pacific region is estimated to be over $60 billion annually.

During the meeting, FIUs discussed the importance of information sharing, cooperation, and coordination to effectively tackle financial crimes. Participants also had the opportunity to learn from each other’s experiences and expertise.

Support from Pacific Islands Forum Secretariat

The Pacific Islands Forum Secretariat (PIFS) took part in the event, emphasizing the importance of regional unity in the fight against financial crimes. PIFS emphasized the need for continued support and capacity building for FIUs in the region.

Global Focus on Combating Financial Crimes

The Pacific Islands are not alone in their efforts to combat financial crimes, as the global community is increasingly focusing on this issue. In October 2023, the Financial Action Task Force (FATF) published a report identifying the Cook Islands and other jurisdictions at higher risk of money laundering and terrorist financing.

Expected Outcomes

The Pacific FIUs’ collaboration is expected to lead to improved information exchange, enhanced investigative capabilities, and stronger legal frameworks to tackle financial crimes effectively. Cook Islands’ Finance Minister, Mark Brown, expressed his confidence in the outcome of the event, stating that “the strengthened partnerships will result in more effective action against financial crimes and ultimately, a stronger and more secure Pacific region.”