Cook Islands Financial Institutions Regulation
The Financial Supervisory Commission (FSC) regulates all licensed financial institutions in the Cook Islands including:
* Insurers (including Captive Insurers)
* Money-changing and Remittance Businesses
* Trustee Companies
The FSC also operates the registry of the following entities:
* International and Foreign Companies
* Limited Liability Companies
* International Trusts
* International Partnerships
The FIU's primary functions are intelligence gathering and evaluation of compliance with the FTRA through examination processes.
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 with legislation providing for international companies, insurance companies (including captives), international trusts and foundations.
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.