Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision

December 20, 2004

Summary

This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial regulation and supervision, Legal support in revenue administration, Money laundering, Offshore financial centers, Revenue administration, Terrorism financing

Keywords: action authority, Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, Australia and New Zealand, CFT regime, company service, CR, domestic law, due diligence, government of the Cook Islands, government supervision, intelligence officer, ISCR, law enforcement, law enforcement authority, Legal support in revenue administration, Money laundering, Pacific Islands, state party, supervision authority, tax authorities, Terrorism financing, trustee company

Pages:
45
Volume:
2004
DOI:
https://doi.org/10.5089/9781451920864.002
Issue:
413
Series:
Country Report No. 2004/413
Stock No:
1COKEA0012004
ISBN:
9781451920864
ISSN:
1934-7685

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