Cook Islands

New Documents

The Financial Supervisory Commission of Cook Islands issued a statement concerning the regulator’s response to the COVID-19 global pandemic, highlighting that its primary goal is to maintain the safety and soundness of financial institutions operating in the country.

The Financial Supervisory Commission of the Cook Islands published its annual report for 2018-2019, highlighting the regulator’s operational performance, supervisory activities and progress on addressing financial sector challenges for the fiscal year ending on June 30, 2019.

News

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Enforcement Actions

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Important Facts

  • The U.S. State Department identifies the Cook Islands as a jurisdiction of concern. The Cook Islands is not a regional financial center, but the Cook Islands' substantial offshore financial sector is an important part of the country's economy and represents its most significant vulnerability to money laundering and terrorist financing activities. The government has taken steps to reduce the risks stemming from the offshore sector and its small domestic financial sector. All offshore business conducted from the Cook Islands must be channeled through registered trustee companies. Currently there are four international banks, one of which also has an international license. By the end of 2014, there were 2,602 international trusts, 1,079 international companies, and 394 limited liability companies, according to the country's Financial Supervisory Commission.
  • KYC Covered Entities: Banks (domestic and offshore) and offshore insurers and trustee companies
  • STR Covered Entities:¬† Banks (domestic and offshore) and offshore insurers and trustee companies
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions:¬†Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 5 High : 0
Largely Compliant : 33 Substantial : 5
Partially Compliant : 2 Moderate : 4
Non-Compliant : 0 Low : 2

BASEL i

Rank : 137/141
Score : 3.13

TRANSPARENCY INTERNATIONAL i

Rank : 91/92
Score : 76/100

Tax Justice Network i

Rank : 133/133
Score : 70/100