The following new laws have been enacted by the Government of the Cook Islands to facilitate the prevention, detection, investigation and prosecution of money laundering, the financing of terrorism and other serious offences in the Cook Islands.

1. Crimes Amendment Act
2. Financial Transactions Reporting Act 2004
3. Financial Transaction Reporting Regulations 2004
4. Financing of Terrorism Suppression Act 2004
5. Proceeds of Crimes Act 2003

Crimes Amendment Act 2004 No.5 – administered by Cook Islands Police

Part VA
- People Smuggling and trafficking
- Fraudulent travel identification documents
- Money Laundering

Financial Transactions Reporting Act 2004 – administered by the CIFIU.

Part 1.
Definition

Part 2.
- Obligations to identify and verify customers
- Necessity of identification to conduct business
- Reporting institution must maintain records
- Reporting Institution must maintain account in true name
- Reporting Institution must monitor transactions
- Banks and money transmission service providers must include originator information

Part 3.
- Reporting institution must report financial transactions
- Reporting institution must report suspicious transactions
- Suspicious transaction report by supervisory authority or audit
- False or misleading statements
- Disclosure of suspicious transaction reports and other information
- Protection of identity of persons and information
- Protection of persons reporting in good faith
- Privileged communication
- Other preventative measures by reporting institution
- Defences

Part 4.
- Establishment of FIU
- Appointment of the Head of FIU and staffs
- Functions, powers and duties of Head
- Functions and Powers of FIU
- Agreements and arrangements by FIU
- Disclosure to foreign agencies
- Power to examine
- Power to enforce compliance
- Audit
- Non-disclosure
- Immunity

Financial Transactions Reporting 2004 (PDF - 162kb)

Part 5.
- Overriding of secrecy
- Act to prevail if conflict with other specified Acts
- Anonymous account or account in fictitious or false name
- Liabilities
- Regulations

Financial Transactions Reporting Regulations 2004

Cash Transaction Report form
Electronic Funds Transfer Report form
Suspicious Transaction Report form

Terrorism Suppression Act 2004 – administered by the Cook Islands Crown Law Office

• Part 1.
- Objective of the Act
- Definitions
- Definition of “terrorist act”

• Part 2
- Specified entities

• Part 3
- Offences
- Terrorism financing
- Provision of property or services to terrorist group
- Dealing with terrorist property
- Harbouring of persons committing terrorist acts
- Provision of weapons to terrorist groups
- Recruitment of persons to be members of terrorist groups or to participate in terrorist acts

• Part 4
- Management and Forfeiture of Property of Specified Entities

• Part 5
- General Powers

• Part 6
- Counter-Terrorism Convention Offences
- Movement of nuclear material
- Offences relating to nuclear materials
- Offences relating to maritime safety
- Arrest and delivery
- Plastic explosive offences
- Terrorist bombing offences

• Part 7
- General Provisions

Guidance Notes

Guidelines for Reporting Institutions

The FIU is currently developing guidelines on the obligations and reporting requirements of reporting institutions which is expected to be issued and made available on this site by August 2007.

Scams and frauds

The Cook Islands FIU can be contacted for advice on any known or suspected scams.

The Cook Islands Police Fraud Section provides information on fraud related matters in the Cook Islands.

International Links

Financial Action Task Force (FATF)
Asia Pacific Group on Money laundering (APG)
EGMONT Group of Financial Intelligence Units
United Nation Office on Drugs and Crime (UNODC)
Other Law Enforcement Organisations