2018 July: The Asia Pacific Group on Money Laundering (FATF styled regional body) recently held its AGM in Kathmandu, Nepal (21-27 July 2018). The Cook Islands Mutual Evaluation Report was tabled and adopted at the Meeting. The Cook Islands achieved an outstanding result that indicates it has one of the best AML regimes in the world. In regards to the FATF 40 Recommendations, the Cook Islands received 38 ratings of Largely Compliant and above. This has not been bettered by any other jurisdiction. 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 two jurisdictions (the other being Macau) within the APG membership to be placed in the “regular” follow up process. This is a very rare achievement.
This outstanding result has been achieved through the commitment and hard work of the Cook Islands government, crown agencies and the private sector. It is hoped it will begin to dispel much of the misinformation that exists in relation to the Cook Islands and its financial services industry.
Please click here to read the media release from the Cook Islands Financial Supervisory Commission, the lead government agency for the Mutual Evaluation.