Despite the creation of the Cook Islands Money Laundering Authority, and the passing of the Money Laundering Prevention Act in 2000, the jurisdiction remains on the FATF's list of jurisdictions considered vulnerable to money laundering activity, alongside Egypt, Grenada, Guatemala, Indonesia, Myanmar, Nauru, Nigeria, the Philippines, St Vincent and the Grenadines, and Ukraine.

The government is now awaiting a visit from an International Monetary Authority assessment team, and is keen to comply with the recommendations made. Kevin Carr, chairman of the Money Laundering Authority explained that:

'Assistance will be provided for drafting the appropriate legislation including developing overarching counter-terrorism legislation.'

According to Pacific Islands Report, three further measures are required in order for the Cook Islands to secure removal from the FATF list. These are: the establishment of a Financial Intelligence Unit, resourcing the capacity of the Offshore Commissioner's Office, and the improvement of the jurisdiction's know your customer and reporting regime.

Although ready to cooperate, the Cook Islands government has expressed some concern regarding the expectations of the multilateral body. Speaking last month, Finance Minister, Sir Geoffrey Henry admitted that:

'We did indicate to them for example, that the lack of experience prevents us from complying with their time scale.'