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International Monetary Fund
This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.
International Monetary Fund

authorities of the Cook Islands’ request for technical assistance. It is based on the information available at the time it was completed in October 2004 . The staff s overall assessment relating to financial sector regulation and supervision can be found in Volume I. The views expressed in these documents are those of the staff team and do not necessarily reflect the views of the government of the Cook Islands or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market

International Monetary Fund

’ request for technical assistance. It is based on the information available at the time it was completed in October 2004 . The staff s detailed assessment of the observance of standards and codes can be found in Volume II. The views expressed in these documents are those of the staff team and do not necessarily reflect the views of the government of the Cook Islands or the Executive Board of the IMF. The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information. To assist the IMF in evaluating the

International Monetary Fund

I. I ntroduction 1. At the invitation of the Government of the Cook Islands, a Module 2 offshore financial center (OFC) assessment of financial regulation and supervision in the Cook Islands was carried out from February 16–27, 2004, within the framework of the OFC Assessment Program approved by the Executive Board of the Fund in July 2000. Assessments were undertaken of the regulation and supervision of the banking sector, and of the arrangements in place for AML/CFT. 2. Volume I of the report briefly describes the financial system and regulatory and

International Monetary Fund. Asia and Pacific Dept
A mission was requested by the New Zealand authorities to the Cook Islands to focus on policy options for transitioning to high-income status, financial sector stability and regulatory framework, and debt sustainability.1 It evaluated these issues in the context of the medium-term outlook and against the context of a recently developed fiscal framework. The Cook Islands is a self-governing territory in free association with New Zealand, but it is not an IMF member (Box 1).
International Monetary Fund. Asia and Pacific Dept

growth will be 0.4 percent of GDP (2018/19 Half-Year Economic and Fiscal Update). 3 As of July 1, 2018, the World Bank threshold for high-income economies was a GNI per capita of $12,055 in 2017, while the estimate made by the Government of the Cook Islands put 2017 GNI at $16,860.. 4 Including from the use of private homes for short-term tourist accommodations and longer-term rentals to contract staff of tourism operators. 5 Members and employers each contribute 5 percent of the salary, and an implied wage can be estimated from the value total

International Monetary Fund
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.
International Monetary Fund

financial sector supervision and anti-money laundering infrastructure in its efforts to be removed from the FATF “blacklist,” which is a high priority for government. 5. As part of this effort, in May 2003 the Government of the Cook Islands enacted a suite of legislation to establish a sole regulator of the financial sector and strengthen its supervision. The FSC, which is the regulator, is empowered, inter alia, to license, regulate, and supervise the business of banking. One effect of the legislation is to require offshore banks to have a tangible physical presence in