Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision

International Monetary Fund

No 2004/413, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.

Keywords: ISCR; CR; trustee company; CFT regime; due diligence; tax authorities; company service; intelligence officer; law enforcement authority; state party; action authority; law enforcement; government of the Cook Islands; domestic law; government supervision; supervision authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration; Australia and New Zealand; Pacific Islands; Asia and Pacific (search for similar items in EconPapers)
Pages: 45
Date: 2004-12-20
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