The bills, containing proposals put forward by the Anti-Money Laundering/Counter Financing Terrorism Committee, were compiled following a technical assistance visit from an International Monetary Fund (IMF) team earlier this year, and include a Financial Transactions Reporting Act, which requires the reporting of local and international money trasfers to a central intelligence unit.

Speaking in March, head of the IMF team, Richard Chalmers revealed that the jurisdiction's specific circumstances would be taken into consideration when advising it on the creation of new anti-money laundering legislation:

'We're looking at what legal implementation issues need to be taken into account, as well as the need to match local resources,' he explained.

Speaking at the Forum Economic Ministers Meeting in the Marshall Islands capital, Majuro earlier this month, Cook Islands deputy Prime Minister, Dr Terepai Maoate reiterated the jurisdiction's commitment to securing removal from the FATF's list of non-cooperative countries or territories (NCCTs), explaining that its inclusion had caused a drop in revenue.