APEC Financial Regulators Training Initiative Regional Seminar on Regulation and Supervision of Financial Services through Mobile Electronic Money and other Digital Payments

On 16 – 19 September 2019 the Financial Supervisory Commission co-hosted with the Asian Development Bank a Regional Seminar on e-money and digital payment systems. Other countries that attended included Cambodia, Malaysia, Taiwan, Fiji, Tonga, Samoa and the Solomon Islands. The topics covered included access to digital finance products, the risks in using electronic wallets and digital payment systems, and the presentation of case studies from Cambodia and Papua New Guinea regarding establishing e-money systems and the challenges of agent networks. Each jurisdiction presented on the products and services available in their countries and the regulatory environment that they operate in.

Mutual Evaluation Report 2018

The Cook Islands received a very positive Mutual Evaluation Report for their 2017/2018 mutual evaluation by the Asia Pacific Group on Money Laundering (APG) which was published on 22 October 2018. The Commission was the lead agency for the Cook Islands mutual evaluation.

The Cook Islands has been rated one of the best in the world for technical compliance with 38 out of the 40 FATF Recommendations receiving Largely Compliant or Compliant. In terms of the implementation and effectiveness of its laws and systems when measured against the FATF’s 11 Immediate Outcomes, the Cook Islands attained 5 substantial ratings, 4 moderate ratings and 2 low ratings. This resulted in the Cook Islands being one of only three jurisdictions within the APG membership to be placed in the “regular” follow up process, a very rare achievement.

This outstanding result for the Cook Islands has been achieved through the commitment and hard work of the Cook Islands government, its crown agencies and the private sector. It is anticipated that the Cook Islands’ MER will be recognised internationally, given its independence and comprehensive nature, whilst giving great comfort to governments, institutions and businesses alike when dealing with the Cook Islands and its financial services industry. The published Mutual Evaluation Report can be read and downloaded here.

National Risk Assessment Report

The Board and Management are pleased to publish the National Risk Assessment Report 2015 on money laundering, terrorism financing and serious offences in the Cook Islands, adopted by Cabinet on 10 March 2015.

APG News update

APG delegation visit to Vanuatu, 25 January 2013

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The Association of Pacific Islands FIUs (APIFIU) is a newly formed association of FIUs of the Pacific Island regions. The Cook Islands FIU form part of a membership of 11 other Pacific Islands jurisdiction. The organisations main objective is for intelligence sharing network and awareness training to combat money laundering, the financing of terrorism and other serious offences. The APIFIU have a dedicated webpage attached to the Fiji FIU website.

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Media Releases

Financial Regulatory Standards in the Cook Islands - 16 July 2019

Cook Islands Mutual Evaluation results - 27 July 2018

FIU Scam Warning - 30 October 2017

FIU Scam Warning - 2 October 2017

FIU Scam Warning - 3 August 2017

New Mutual Evaluation Legislation press release - June 2017

FSC New Commissioner Press Release Oct2015

Approval and issue of banking licences to the Bank of South Pacific Limited - July 2015

Trustee Companies Act Press Release_Nov2014

Visit to the 16th Annual Meeting of the Asia/Pacific Group on Money Laundering_Jul2013

Captive Insurance Media Release_Jun2013

Expression of Interest to Develop a Data Base System for the Financial Intelligence Unit_Nov2012  

Banking Act_Dec2011 

Online Registry_Dec2011

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