Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes

International Monetary Fund

No 2004/414, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper focuses on key findings of the detailed assessment of observance of standards and codes in the financial sector of the Cook Islands (CI). The new legal framework in CI represents an important first step in correcting deficiencies, as they are all addressed in the new set of laws. The framework empowers the Financial Services Commission to license, supervise, and regulate the financial sector. It also provides it with enforcement authority in the event of noncompliance with the law, and to cooperate with foreign supervisors where necessary for implementation of comprehensive supervision on a consolidated basis.

Keywords: ISCR; CR; The FIU; due diligence; police force; commercial bank; compliance officer; FSC staff; holding company; risk assessment; risk management; banking business; human resources; enforcement power; high court; regulatory authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Legal support in revenue administration; Foreign banks; Pacific Islands; Global (search for similar items in EconPapers)
Pages: 110
Date: 2004-12-20
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