Financial Secretary Office News

Financial Secretary Office News

EOI - Develop a Database Application for FIU

Financial Intelligence Unit
Government of the Cook Islands

Expression of Interest - Develop a Data Base Application for the Financial Intelligence Unit

The Financial Intelligence Unit’s (FIU) purpose is to protect and maintain the integrity of the Cook Islands Financial System and contribute to the administration of justice through its Anti-Money Laundering and Countering the Financing of Terrorism Regime (AML/CFT). FIU purpose is achieved through the collaborative efforts of two interdependent functions.

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Sovereign Wealth Fund - Design Recommendations

At the request of the Secretary of Finance of the Cook Islands, the Public Financial Technical Assistance Centre (PFTAC) of the International Monetary Fund arranged a technical assistance mission to visit Rarotonga from June 2 to June 12, 2012 to provide advice on design options for a Sovereign Wealth Fund and a Loan Repayment Fund. The mission was staffed by Dick Emery (IMF-funded consultant), formerly the senior civil servant of the United States Office of Management and Budget, and an advisor with experience in a number of developing nations.

Download the full report here pdfPFM_Cooks_WFund_Sept2012.pdf831.07 KB

Cook Islands Banking Review by Sam Knowles

The Government recently commissioned Sam Knowles to undertake a review of the Cook Islands Banking system.

The objective in undertaking the review was to define a long term strategy for the provision of banking services for the Cook Islands economy that will on a sustained basis:

•    lower the cost of banking for businesses operating in the Cook islands;
•    improve the accessibility to banking by Cook Islands businesses and residents;
•    provide the banking services necessary to support the major growth sectors of the economy; and
•    minimise the need for Government financial support to achieve the above.

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