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© 2004 International Monetary Fund

December 2004

IMF Country Report No. 04/414

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

This detailed assessment of observance of standards and codes in the financial sector of the Cook Islands in the context of the offshore financial center assessment program contains technical advice and recommendations given by the staff team of the International Monetary Fund in response to the 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-sensitive information.

To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to publicationpolicy@imf.org.

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Assessment of the Supervision and Regulation of the Financial Sector

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Volume II: Detailed Assessment of Observance of Standards and Codes

Cook Islands

October 2004

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“The contents of this report constitute technical advice and recommendations given by the staff of the International Monetary Fund (IMF) to the Cook Islands in response to their request for technical assistance. With the written authorization of the recipient country’s authorities, this report (in whole or in part) or summaries thereof may be disclosed to IMF Executive Directors and their staff, and to technical assistance providers and donors outside the IMF. Disclosure of this report (in whole or in part) or summaries thereof to parties outside the IMF other than technical assistance providers and donors shall require the written authorization of the recipient country’s authorities and the IMF’s Monetary and Financial Systems Department.”

contents

• Glossary

• I. Assessment Of Observance Of The Basel Core Principles For Effective Banking Supervision

  • A. Overview

  • B. Detailed Assessment

  • C. Summary Compliance of the Basel Core Principles

  • D. Recommendations

• II. Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism

  • A. General

  • B. Detailed Assessment

  • C. Ratings of Compliance with FATF Recommendations, Summary of Effectiveness of AML/CFT efforts, Recommended Action Plan and Authorities’ Response to the Assessment

• Tables

• 1. Detailed Assessment of Compliance of the Basel Core Principles

• 2. Summary Compliance of the Basel Core Principles

• 3. Recommended Action Plan to Improve Compliance of the Basel Core Principle

• 4. Detailed Assessment of Criminal Justice Measures and International Cooperation

• 5. Detailed Assessment of the Legal and Institutional Framework for Financial Institutions and its Effective Implementation

• 6. Description of the Controls and Monitoring of Cash and Cross-Border Transactions

• 7. Ratings of Compliance with FATF Recommendations Requiring Specific Action

• 8. Summary of Effectiveness of AML/CFT Efforts

• 9. Recommended Action Plan to Improve the Legal and Institutional Framework and to Strengthen the Implementation of AML/CFT Measures in Banking, Insurance and Securities Sectors

Glossary