The Cook Islands Financial Supervisory Commission (FSC) proudly announced the successful launch of its newly upgraded Online Registry for International Entities. This important milestone marked the completion of a project that commenced with the approval of Asian Development Bank (ADB) funding in June 2021.
After years of dedicated planning and development, the system officially went live in September 2024, delivering enhanced functionality and future-proofing the Cook Islands’ regulatory infrastructure.
The secure and state-of-the-art registry for international entities was developed by the Asian Development Bank’s Pacific Private Sector Development Initiative (PSDI), with support from the Government of Australia.
“We are proud to introduce the Cook Islands’ new international entities registry,” said Ms. Cheryl McCarthy, Commissioner at the Cook Islands Financial Supervisory Commission. “This new registry is an important step in reinforcing the Cook Islands’ status as a regional leader in AML/CFT compliance while maintaining our reputation as a secure and reliable place to do business. The new registry will allow us to meet our ongoing international obligations.”
The launch was celebrated at an event attended by key members of the trust industry and other stakeholders, showcasing the Cook Islands’ commitment to maintaining a world-class, compliant, and efficient regulatory environment. The updated system is expected to generate considerable cost savings for the government by reducing hosting and maintenance expenses.
“Robust AML/CFT frameworks are essential for protecting the integrity of the global financial system and ensuring regional stability,” stated Australia’s High Commissioner to the Cook Islands, Phoebe Smith. “That’s why Australia is proud to partner with the Cook Islands in its efforts to uphold its high AML/CFT compliance standards. This registry not only strengthens the Cook Islands’ leadership in this area but also streamlines the FSC’s management of international business registrations, improving efficiency, compliance, and oversight.”
The registry builds upon the PSDI-supported Companies, Incorporated Societies, and Personal Property Securities Registry, launched by the Ministry of Justice in December 2019, developed with support from the Government of Australia.
“PSDI supports the development and implementation of modern technological solutions like this registry across the region, making AML/CFT compliance simpler and more efficient,” said Mr. Terry Reid, PSDI’s International Business Law Expert. “Strengthening compliance means that all Pacific countries can remain integrated into the global economy while promoting growth and investment.”
The Cook Islands Financial Supervisory Commission expressed confidence that the registry’s new capabilities would enhance user experience and strengthen the jurisdiction’s global standing in the financial services industry. The FSC extended its gratitude to the ADB and the Government of Australia for their support in bringing this project to fruition, as well as to the dedicated team that worked tirelessly to meet the project goals.
The launch of this upgraded registry reinforces the Cook Islands’ position as a leader in financial services innovation, regulatory compliance, and data security.
