Financial Crime World

TOKELAU’S FINANCIAL SECTOR COMES UNDER SCRUTINY AS BANKING REGULATIONS COMPLIANCE TAKEN SERIOUSLY

Wellington, New Zealand

As part of its efforts to ensure transparency and accountability in the financial sector, Tokelau has compiled a comprehensive collection of banking regulations and laws that are applicable to the country. The “Tulafono a Tokelau: Banking Regulations Compliance” publication provides a consolidated collection of the legislation of Tokelau as at May 1, 2016.

Purpose and Content

The book is intended to assist the General Fono in its lawmaking process, as Tokelau continues to develop self-government. It contains the nucleus of the legal system of a self-governing Tokelau and includes:

  • Rules of the General Fono
  • Standing Orders of the General Fono

Compilation and Certification

The publication has been compiled by Professor A.H. Angelo and Lise Suveinakama from the Faculty of Law at Victoria University of Wellington, in collaboration with the Council for the Ongoing Government of Tokelau. The consolidation is certified as a statement of the law of Tokelau as at May 1, 2016.

Structure

The book contains four main parts:

  • Part 1: Tables and finding list of the General Fono Rules
  • Part 2: Constitutional documents of the General Fono, including:
    • Constitution of Tokelau (in both Tokelauan and English)
    • Standing Orders of the General Fono
    • International Human Rights Instruments
  • Part 3: Collection of laws of Tokelau within the control of the General Fono
  • Part 4: Main New Zealand enactments of constitutional significance for Tokelau and Letters Patent

The publication also includes:

  • Table of rules and regulations in force
  • Chronological table of General Fono Rules
  • Tables of Acts in force

Accuracy and Corrections

The editors have made every effort to ensure the accuracy of the legislation tables and consolidated texts, but it is likely that some errors remain. Tokelau’s authorities are urging anyone who identifies any errors to contact them so that they can be corrected in future editions.

Conclusion

This comprehensive publication is a significant step towards ensuring banking regulations compliance in Tokelau and demonstrates the country’s commitment to transparency and accountability in its financial sector.