Financial Crime World

Regulatory Requirements for Financial Institutions in PITCAIRN Under Scrutiny

In a move aimed at bolstering financial stability and oversight in the Pitcairn Islands, regulatory requirements for financial institutions are under review.

Background

According to sources close to the Governor’s office, a revised edition of Pitcairn Ordinances was compiled by Paul Treadwell OBE, LLB, QC, Legal Adviser to the Governor, in 2001. The revised edition includes all amendments to ordinances as at January 15, 2019, and is available on the official website.

Recent Developments

In recent years, a slew of new ordinances have been enacted aimed at addressing pressing issues such as:

  • Biosecurity: Biosecurity Ordinance 2024
  • Summary Offences: Summary Offences Penalties Amendment Ordinance 2023
  • Marine Conservation: Marine Conservation Regulations 2022
  • Covid-19 Response: Covid-19 Response Amendment Ordinance 2022
  • Local Government: Local Government (Remote Participation in Council Meetings) Amendment Ordinance 2023

These new ordinances, along with others, are available on the official website.

Key Documents

The following key documents govern the islands’ financial sector:

  • Pitcairn Constitution Order 2010
  • Constitution of Pitcairn

Additionally, decisions of the Courts of Pitcairn Island and ordinances and subsidiary legislation made thereunder are available on the website.

Contact Information

For questions about Pitcairn laws, please contact:

The Governor’s office has assured that all ordinances will be posted to the official website as soon as possible after they are made, and that they take effect from the date of publication in Pitcairn unless otherwise provided.

Compliance

Financial institutions operating in PITCAIRN are advised to familiarize themselves with these regulations to ensure compliance. The revised edition of Pitcairn Ordinances is available in hard copy at the Pitcairn Islands Office in Auckland. Links to United Kingdom Orders in Council made since 2006 and having effect in Pitcairn may be found on the official website.

Remember, it’s essential for financial institutions operating in PITCAIRN to stay up-to-date with the latest regulations to maintain compliance and ensure the stability of the financial sector.