Financial Crime World

FIU to Strengthen International Relations and Cooperation

The Financial Intelligence Unit (FIU) of the Cook Islands aims to continue building and developing international relations and cooperation to improve its effectiveness in combating financial crime and promoting a robust financial system.

Participating in Key International Forums

As part of this effort, the FIU will participate in several key international forums, including:

  • The Asia Pacific Group (APG) Annual Meetings
  • The Financial Action Task Force (FATF) Plenary Sessions

These events provide opportunities for the FIU to engage with other countries’ financial intelligence units, share best practices, and stay updated on global developments in anti-money laundering and combating the financing of terrorism (AML/CFT).

Strengthening Relationships with Regional and International Organizations

The FIU will also strengthen its relationships with regional and international organizations, such as:

  • The Pacific Financial Inclusion Programme (PFIP)
  • The International Monetary Fund (IMF)

These partnerships will enable the FIU to access technical assistance, training, and capacity-building resources to enhance its capabilities in AML/CFT.

Performance Targets

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To achieve its objectives, the FIU has set several performance targets for the years commencing 1 July 2022 and thereafter. These targets include:

  • Conducting onsite examinations on a risk-based approach for:
    • Banks
    • Insurers
    • Insurance intermediaries
    • Trustee companies
    • Captive insurers
    • Money changing and remittance businesses licensed to carry out business in the Cook Islands
  • Undertaking comprehensive offsite monitoring and reviews of all data supplied by licensees on a regular basis
  • Administering new applications for financial institution licenses on a timely basis, with all applications being determined within the prescribed timeframe upon receipt of the completed application
  • Benchmarking its regulatory framework against international standards to ensure appropriate enhancements are identified and implemented in a timely manner
  • Administering the registration and renewal of registration of:
    • International companies
    • International trusts
    • International partnerships
    • Limited liability companies
    • Foundations efficiently, accurately, and without delay

Capacity Building

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The FIU will continue to enhance its capacity and ability to perform its obligations and achieve its objectives by:

  • Continuing the professional development of staff
  • Ensuring proper resourcing
  • Reporting to the Minister of Finance on the suitability of the legislation administered by the Commission

By strengthening its international relations, cooperation, and performance targets, the FIU is well-positioned to effectively combat financial crime, promote a robust financial system, and support the economic development of the Cook Islands.