Legislation
The Financial Intelligence Unit Act 2015 was enacted by Parliament on 12 June 2015 and subsequently given royal assent by the Queen’s Representative to the Cook Islands on the 16 June 2015. The Act is to allow the FIU to continue to operate as a national, central unit to –
(a) administer and enforce certain statutes that concern financial misconduct; and
(b) conduct related inquiries, investigations, analysis and enforcement oversight; and
(c) provide enhanced powers for the FIU as an independent unit of the FSC.
Financial Intelligence Unit Act 2015
Financial Intelligence Unit Amendment Act 2017
The CIFIU administers the following enactments and regulations:
Financial Transactions Reporting Act 2017
Financial Transactions Reporting Amendement Act 2017
Financial Transactions Reporting Regulations 2017
Financial Transactions Reporting (Maritime Cook Islands) Regulations 2017
CIFIU conjointly enforces the following Acts:
Proceeds of Crime Amendment Act 2004
Proceeds of Crime Amendment Act 2017
Countering Terrorism and the Proliferation of Weapons of Mass Destruction Act 2004 (formerly known as the Terrorism Suppression Act 2004)
Terrorism Suppression Amendment Act 2007
Terrorism Suppression Amendment Act 2017
Currency Declaration Act 2015-16
Currency Declaration Amendment Act 2017
Currency Declaration (Forms) Regulations 2017
To assist reporting institutions to address their obligations under the Financial Transactions Reporting Act 2017 (FTRA), the CIFIU has released guidance on the following matters:
• Risk assessments
• Customer due diligence
• Record keeping
• The reporting of cash and electronic funds transactions over the threshold amount of NZ$10,000
• The reporting of suspicious activity to the FIU, and
• Implementation of a compliance regime.
Financial Transactions Reporting Practice Guidelines
FTRA Guideline for Accountants
FTRA Guideline for High Value Item Retailers
FTRA Guideline for Real Estate
FTRA Guideline for Trustee Companies
Institutions required to comply must have systems, policies and procedures to prevent and detect the laundering of illicit funds as required under the FTRA. These guidelines are for general information only and are neither legal advice or legal documents.
