The Financial Supervisory Commission (FSC) supervises all licensed financial entities and financial services in the Cook Islands.
It supervises:
- The off-shore industry:
- international banks
- trustee companies
- off-shore insurers.
- Domestic banks.
The FSC also operates the registry of international and foreign companies and international trusts.
Other Functions
The FSC also:
- Administers a supervisory framework that complies with internationally accepted standards;
- Promotes financial stability and sound business practices through the supervision of licensed financial institutions;
- Assists the Cook Islands Government in the prevention of money laundering;
- Assists development of the financial sector.
Financial services are the second biggest contributor to the Cook Islands' economy after tourism, adding about 8% to the GDP. The FSC has an important role to play in the financial services sector.
The Cook Islands' offshore industry had its genesis in the early 1980's. The industry has developed on the foundations set by legislation providing for international companies including offshore banks, insurance companies and international trusts.
The industry provides a wide range of trustee and corporate services to offshore investors. All offshore business carried on from the Cook Islands must be channelled through registered trustee companies.
View more about Rarotonga financial services.