Laws & Regulations

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 Act 2003

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

Countering Terrorism and the Proliferation of Weapons of Mass Destruction (Targeted Financial Sanctions) Regulations 2017

Currency Declaration Act 2015-16

Currency Declaration Amendment Act 2017

Currency Declaration (Forms) Regulations 2017

Boarder Currency Report Forms

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 Lawyers

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.