The Cook Islands Mutual Evaluation on-site visit in February 2009 was led by the Asia-Pacific Group on Money Laundering (APG) jointly with the Offshore Group on Banking Supervisors (OGBS) (renamed the Group of International Finance Centre Supervisors (GIFCS) on 1st April 2011). Experts in the legal, financial and law enforcement sectors met with relevant government departments and private sector agencies to evaluate the Cook Islands' level of compliance and effectiveness in implementing the global AML/CFT standards (FATF 40 + 9 Recommendations) in combating money laundering and terrorism financing.
The evaluation team found that the standard of regulation in the Cook Islands is very high. Only Singapore and the USA received better evaluation reports in the Pacific region. In terms of comparison to other jurisdictions, the mutual evaluation report places the Cook Islands in the top 16% of all the jurisdictions around the world. As in other independent reports, the evaluation finds that the risk of money laundering in the Cook Islands is very small, and that of terrorist financing is almost non-existant.
The full report is available here.