About Us
Our Mandate
CIFIU’s mandate is to facilitate the prevention, detection, investigation and prosecution of money laundering, the financing of terrorism and other serious offences in the Cook Islands.
Our Mission
CIFIU’s mission is to contribute to the national, regional and global fight against money laundering, the financing of terrorism and other serious crimes through its intelligence and compliance program.
Our Mission Statement
At the CIFIU, we strive to be a leader in the prevention of money laundering and terrorist financing activities and thus contribute to a safe and stable financial and economic environment for the people of the Cook Islands and investors.
We embrace this mission through compliance examinations, information collection, analysis and the dissemination of information on suspected money laundering, the financing of terrorism activities and other serious crimes to relevant domestic and international law enforcement authorities.
Our Vision
CIFIU’s vision is to be a leader in providing timely and high quality financial intelligence in the global fight against money laundering and the financing of terrorist activities and threats to the economy of the Cook Islands, while ensuring the protection of the information it holds.
Membership
The CIFIU is a member of the following international groups:
Asia Pacific Group on Money Laundering (APG) - from May 2001
As a member of the APG, the CIFIU actively participates in the AML/CFT activities of the APG by providing experts for the mutual evaluation process, presenters on key issues at forums, as interveners and most recently as the Pacific Representative on the APG-FATF Ad-Hoc Working Group and on the APG Steering Group from July 2012 to July 2013.
The Egmont Group of Financial Intelligence Units - from 2004
Recognising the benefits inherent in the development of FIU network, in 1995, a group of FIUs met at the Egmont Arenberg Palace in Brussels and decided to establish an informal group for the stimulation of international co-operation. Now known as the Egmont Group of Financial Intelligence Units, these FIUs meet regularly to find ways to cooperate, especially in the areas of information exchange, training and the sharing of expertise.
The goal of the Egmont Group is to provide a forum for FIUs around the world to improve cooperation in the fight against money laundering and financing of terrorism and to foster the implementation of domestic programs in this field.
Association of Pacific Islands Financial Intelligence Unit (APIFIU) - from 2011
The Association of Pacific Islands Financial Intelligence Unit was formally established on 21 July 2011 at the APG Annual Plenary meeting in Kochin, India, chaired by the Cook Islands Head of FIU. At the APG Annual Meeting in July 2012 at Brisbane, Australia, the Chairmanship changed to the Fiji FIU, and will rotate on an annual basis by alphabetical order. APIFIU now has a total of 11 members.
The APIFIU has recently completed a Pacific Typologies and a Revised FATF Standard workshop held in Brisbane, Australia from the 4 – 8 March 2013 with the assistance of the APG Secretariat, AUSTRAC (AusAid), the Pacific Forum Secretariat, and the United States (US State Department).
The CIFIU is also a member of the following national groups:
Anti-Corruption Committee (ACC) - from March 2003
The ACC was first established by a Cabinet directive as a result of the Cook Islands signing up to the Asian Development Bank / Organisation for Economic Cooperation and Development (ADB/OECD) Anti-corruption Initiative Action Plan for Asia and the Pacific in 2003.
The ACC has come under different chairmanships with varying levels of commitment as a group or committee to re-affirm Government's commitment to the fight against corruption, through a proper formalisation of the ACC in accordance with the terms of reference approved by Cabinet on 20 September 2011. The Cook Islands acceded to implementing the United Nations Convention Against Crime (UNCAC) on 14 October 2011.
Coordinating Committee of Agencies and Ministries (CCAM) - from March 2003
The CCAM was mandated by Cabinet to be responsible for combating money laundering and terrorism financing in the Cook Islands and to provide policy advice to the Government. The committee is chaired by the Head of FIU and includes Head of Ministries or Agencies from the Airport Authority, Audit Office, Cook Islands Investment Corporation, Crown Law Office, Business Trade and Investment Board, Financial Supervisory Commission, Ministry of Finance & Economic Management, Ministry of Foreign Affairs & Immigration, Ministry of Justice and Police Department.
Combined Law Agency Group (CLAG) - from April 2009
CLAG is a group of Government agencies responsible for the effective management and coordination of national resources towards preventing, detecting and combating any regional or international risks or threats of criminal activities against the security or sovereignty of the Cook Islands.
Cook Islands National Intelligence Unit (CINIU) - from October 2012
CINIU is an operational Unit responsible to the CLAG Board of Management headed by the Commissioner of Police. It includes the core law enforcement agencies of Government.
MOU
The Financial Transactions Reporting Act 2004 empowers the FIU to enter into Memorandums of Understanding with its foreign counterparts if it so wishes. The CIFIU has formalised a Memorandum of Understanding with the following FIU’s:
- Association of Pacific Islands FIU 21 July 2011
- AUSTRAC (Australia FIU) 23 June 2004
- Bangladesh FIU 26 September 2018
- Canada 3 July 2019
- Ecuador 14 March 2018
- Fiji FIU 21 July 2011
- The Holy See / Vatican City State 3 July 2019
- Japan Financial Intelligence Centre 26 September 2018
- Malaysia FIU 6 October 2009
- New Zealand FIU 14 March 2018
- Papua New Guinea 24 July 2018
- Papua New Guinea FIU 18 July 2013
- Philippines FIU 25 July 2007
- Republic of China (Taiwan) 25 July 2007
- Ukraine FIU 12 October 2009
- United Arab Emirates FIU 26 May 2009
- Vanuatu FIU 18 July 2013
CI Mutual Evaluations
2017 Mutual Evaluation
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.
2009 Mutual Evaluation
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 (groupgifcs.org) 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.
National Risk Assessment
2017
The "2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk" builds on the National Risk Assessment from 2015. This report assesses the risk in both primary threats and high risk sectors and secondary threats low risk sectors. These two reports are bought together in an overarching report that highlights the positive work the Cook Islands has done since the publication of the National Risk Assessment 2015.
This report is an important document in evidencing that the Cook Islands identifies, assesses and understands its money laundering and terrorist financing risks. It evidences the involvement of all competent authorities and the role of the NACC in this process. Understanding the risks will enable all authorities, reporting institutions and DNFBPs in the prioritisation of AML/CFT risk policies and activities in a coordinated way. This will result in the mitigation of the ML/TF risk within the Cook Islands.
The "2017 Financial Institutions and Designated Non-Financial Businesses and Professions Sectors Review of Risk" is available here.
2015
The Cook Islands National Money-Laundering and Terrorism Financing Risk Assessment 2015 report is the first by the Cook Islands Financial Intelligence Unit and key agencies of the Coordinating Committee on Money Laundering and Terrorist Financing (AML/CFT Committee) in consultation with the private sector. It represents the progress undertaken by the Cook Islands since the 2008 Money-Laundering Risk Analysis (Assessment), and its continued compliance with the Financial Action Task Force (FATF) Recommendations and the relevant Cook Islands Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) legislation.
The full report can be found here.
2008
In September 2008, the FIU engaged Mr John Walker to assist the Cook Islands in undertaking a national risk assessment using the World Bank model. Mr Walker was an Associate Professor at Wollongong University in Australia who had undertaken a similar study for Australia in 1995 and was subsequently with the International Monetary Fund.
The full report can be found here.
Typology Reports
The Cook Islands Typologies Reports contain useful information on the trends and typologies extracted from reports submitted and received by the Cook Islands FIU, including case studies investigated by the FIU with its local and international partner agencies.
Cook Islands Typologies Report 2015
Cook Islands Typologies Report 2016