Cook Islands Empowers Citizens to Report Suspected Financial Crimes

The Cook Islands Government is taking proactive steps to strengthen its efforts against money laundering, tax evasion, and other illicit activities. As part of this initiative, citizens are being urged to report any suspected financial crimes, thereby maintaining transparency and integrity within the country’s financial system.

A Robust Reporting System

To facilitate reporting, the government has established a robust system for monitoring and regulating financial institutions. Individuals can report suspicious transactions by contacting:

• The Financial Supervisory Commission (FSC)
• The police

The FSC is responsible for overseeing financial institutions, while the police handle investigations into suspected crimes.

Preventing Illicit Activities

Reporting suspected financial crimes is a crucial step in maintaining trust in the economy. By working together with citizens, the government aims to prevent and detect illicit activities that can undermine confidence in the financial system.

Strengthening Laws and Regulations

In addition to reporting mechanisms, the government has implemented various laws and regulations to combat financial crime. These include:

• The Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime
• Membership in international initiatives such as the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS)

These measures require financial institutions to maintain strict standards for customer due diligence and transaction monitoring, ensuring that legitimate businesses are not unfairly impacted by increased scrutiny.

Protecting Confidentiality

Personal information is protected under strict confidentiality provisions, and only necessary information is shared with relevant authorities. This balanced approach ensures that citizens can report suspected financial crimes without fear of reprisal or undue scrutiny.

Global Recognition

The Cook Islands’ commitment to transparency and accountability has enhanced its credibility globally as a cooperative jurisdiction. This reputation encourages international trade and financial transactions, while also promoting compliance within the local economy.

If you suspect any financial crimes or have concerns about suspicious transactions, contact the Financial Supervisory Commission (FSC) or the police for assistance. Together, we can maintain the integrity of our financial system and protect the Cook Islands’ reputation as a trusted international player.