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

Public Financial Management Roadmap Review No 2

The Cook Islands Government Public Financial Management Roadmap was endorsed by Cabinet in October 2011. The main objective of this roadmap is to assist the Government of the Cook Islands in facilitating and improving the current public financial management systems and also to ensure effective and efficient service delivery to the people of the Cook Islands. To date, a total of two reviews have been conducted, the first in February and the second in July 2012. The reviews have been scheduled to take place every quarter.
The next re-assessment on the Public Expenditure and Financial Accountability will take place in June 2015 and the aim is to ensure that all actions proposed in the Cook Islands PFM roadmap have been successfully delivered. A large portion of the performance indicators is heavily reliant on the involvement of the Ministry of Finance and Economic Management.

>>For the full report