The Cook Islands Financial Intelligence Unit (CIFIU) was established in 2002 as an independent agency of the Government of the Cook Islands. On 1 July 2012 the CIFIU became a specialised independent unit of the Financial Supervisory Commission.
In 2003 the CIFIU was mandated by Cabinet to coordinate the implementation of the Cook Islands anti-money laundering and countering the financing of terrorism (AML/CFT) regime. The functions of CIFIU are to collect, analyse and disseminate financial information and intelligence on suspected money laundering, the financing of terrorist activities and other serious offences to the appropriate authorities in the Cook Islands and internationally with approved organisations or countries. It is also tasked to regulate and conduct compliance examinations of all registered Reporting Institutions in the Cook Islands as stipulated by the Financial Transaction Reporting Act 2004 (FTRA). The two roles are distinct but complimentary.
Reporting Institutions are classified in the FTRA as all persons or entities registered in the Cook Islands conducting business for and on behalf of customers in one or more of the following activities:
Financial Service Providers
Insurance including International Insurance
Real Estate Agents
Motor Vehicle Dealers
Investment & Portfolio Advisors
Gambling, Casino or Lottery Operators