provided by either domestic or overseas agencies. However, there are no statistics on cases referred to other law enforcement agencies and their results, nor requests made by or referred to a foreign agency. The FIU has so far received only a small number of STRs. Significantly, there have been no STRs since the enactment of the new legislation in June 2003 .
77. The FIU has authorized staffing strength of 3, with only the head of FIU and the IntelligenceOfficer appointed. The position of the Compliance and Administration Officer is vacant. The Head of the FIU has
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.
, seizure and confiscation of property is not available. Some training on an ad hoc basis is provided and funded by donor agencies on a regional level. The head of the FIU has attended various workshop organized by AML regional body while the Intelligenceofficer of the FIU has been attached to the FIU of New Zealand Police for training on three occasions. Staff of the SC and CIP have also attended various workshops on AML/CFT . Statistics on FT forfeitures FT is not yet an offense in the Cook Islands and thus the relevant statistics are not available. Once the CFT
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.
obligations. The teams included debt collection staff, intelligenceofficers (to identify persons operating outside the tax system), and auditors.
An IRD evaluation for five partnership industries showed the program had raised tax return filing rates and lowered tax debt in the industry groups. The study compared the trends in the five industries with trends in other (nonpartnership) industries. An external review estimated that the program achieved a 6.7 benefit-cost ratio in the five industries. A taxpayer survey indicated that the program had been well received by
The global financial and economic crisis presents major challenges for tax agencies. With the economic downturn, tax agencies are encountering emerging compliance problems and greater demands for taxpayer support in the face of prospective budget cuts. To help address these challenges, this paper encourages tax agencies to develop a tax compliance strategy for the crisis by (1) expanding assistance to taxpayers, (2) refocusing enforcement on emerging compliance risks, (3) enacting legislative reforms that facilitate tax administration, and (4) improving communication programs. In each of these areas, the paper identifies specific measures to underpin the strategy, drawing on practices from leading tax agencies and experiences from IMF technical assistance. The paper also highlights emerging tax compliance issues in the financial sector.
complement comprises two Senior IntelligenceOfficers, four IntelligenceOfficers, a Financial Analyst, an Office Manager and an Administrative Assistant. At the time of the assessment two of the IntelligenceOfficer posts and the positions of Financial Analyst and Administrative Assistant were vacant. The FIS was in the process of advertising the Analyst and Administrative positions (these posts have now been filled). The vacant positions of IntelligenceOfficers are expected to be filled in early 2004. Therefore there is a shortage of personnel in the unit . The aim of
The completion of the detailed assessment serves several purposes. First, it benchmarks the current state of banking supervision, recognizing that there have been extensive changes in the last years. Second, it suggests a number of further improvements or changes. Thus, this report provides a key input for the development of an action plan to move toward full compliance with the Core Principles. The assessment of the effectiveness of banking supervision was based on a review of the legal framework.
A detailed assessment report on Anti-Money Laundering and Combating the Financing of Terrorism for Mauritius is discussed. Mauritius is well placed to capitalize on its national strategy to diversify its economy into global financial services by taking advantage of its linkages with both African and long-standing arrangements with the larger Asian economies. Additionally, Mauritius intends to offer new products in Islamic financial services and wealth management. The investigative and prosecutorial authorities have the necessary powers to execute their respective functions.