Cook Islands Money
Cooking Islands MoneyFSC - Cook Islands:: FIUS
Since 1 July 2012, the CIFIU has been an autonomous special entity of the CIFIU. The CIFIU was entrusted by the cabinet in 2003 with coordinating the fight against money-laundering and financing of terrorists (AML/CFT). CIFIU' s tasks are to gather, analyze and distribute information and findings on alleged money-laundering, the funding of acts of terrorism and other serious criminal acts to the competent agencies in the Cook Islands and with recognised international organizations or states.
Its task is also to govern and carry out the regulatory and regulatory checks of all notified authorities in the Cook Islands in accordance with the Financial Transaction Reportings Act 2017(FTRA). FIUs are classed in the FTR as all individuals or bodies on the Cook Islands who work for and on account of clients in one or more of the following activities:
Cook Islands Sitemap
Cook Islands are not a regionally based finance centre and have no free economic areas. Not only is the large off-shore finance industry in the Cook Islands an important part of the country's economic fabric, it is also its most vulnerable to money laundering and terrorism funding. Its large off-shore finance industry enables the operations of multinational corporations and trust firms, as well as off-shore banking and underwriting.
From the Cook Islands, all off-shore transactions must be handled by means of registering trustees. It has six listed trust firms and four multinational financial institutions. Any of the German bank also has an interna-tional licence. It offers a broad spectrum of fiduciary and commercial fiduciary investment advisory and management activities for off-shore clients with a zero applicable rates for all off-shore units, ensuring fiscal impartiality.
Cook Islands is a worldwide leader in the field of off-shore wealth preservation trust, with legislation to safeguard the property of foreign nationals from rights in their home states. The Cooks' Financial Supervisory Commission (FSC) reported 2,602 unsecured trust contracts, 1,079 unsecured corporations and 394 private equity firms at the end of 2014.
While the Cook Islands government is seeking to broaden the diversification of the Cook Islands economies by reinforcing and supporting their investment service sectors, it has also taken measures to mitigate the risk to both the off-shore and small local finance sectors. Criminalisation of money laundering: REQUESTS FOR MESSAGE: Money LAUNCHING Prosecution / Sentencing:
Cook Islands has a generally well-monitored finance sector. Each year, the Federal Administration conducts on-site audits of all national and foreign banks. Major ATM operations with local money generation are immediately visible and the Cook Islands FIU is notified of fraud. Goverment officers have found that the residual risk of money laundering and terrorism funding is due to lower KYC levels and the supply of inaccurate information by companies and clients in other countries, particularly in Asia.
The Cook Islands Parliament adopted the Trustees of the FSC in November 2014, granting the FSC extended supervisory and control responsibilities. Specifically, the Act reconciles the regulation system for trusts with that already in place for commercial banking and other finance institutes. The Act provides, inter alia, for the prudential control of trusts and the observance of AML/CFT regulations, permits inspection of credit institutes, allows the FSC to require the submission of information, impose penalties and/or discipline for non-compliance with AML/CFT regulations, gives the FSC the power to take over a trustship via the judiciary if a fiduciary is found to be in breach of the Act or in pecuniracy, and empowers the FSC to