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2004•IMF Staff Country ReportsOpen access

Cook Islands

International Monetary Fund

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Abstract

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.

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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.

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Available abstract

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.

Key concepts: Legislation, Financial sector, Financial regulation, Commission, Finance, Business, Accounting, Work (physics)

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