2016 November: The Cook Islands is complying with its international obligations in relation to anti money laundering and the countering of terrorist financing and transparency and the exchange of financial information to combat tax evasion.
The Cook Islands signed the Multilateral Convention on Mutual Administrative Assistance on Tax Matters (the “Convention”) on 28 October 2016. The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended by Protocol in 2010.
The Cook Islands signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“MCAA”) in October 2015. The MCAA sets out the common reporting standard (“CRS”) to be followed by participating jurisdictions in regards to the AEOI.
The Income Tax (Automatic Exchange of Financial Account Information and Other Matters) Amendment Act 2016 (the “Amendment”) was passed into law on 26 September 2016. The primary purpose of the Amendment is to provide for the exchange of financial information in accordance with the CRS.