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

December 20, 2004

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Format: Chicago

Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes, (USA: International Monetary Fund, 2004) accessed December 26, 2024

Summary

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.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Crime, Financial institutions, Foreign banks, Legal support in revenue administration, Money laundering, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking business, Commercial bank, Compliance officer, CR, Due diligence, Enforcement power, Foreign banks, FSC staff, Global, High court, Holding company, Human resources, ISCR, Legal support in revenue administration, Money laundering, Pacific Islands, Police force, Regulatory authority, Risk assessment, Risk management, The FIU

Publication Details

Pages:

110
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2004/414
Stock No:

1COKEA0022004
ISBN:

9781451920697
ISSN:

1934-7685

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