Prime Minister of the Cook Islands, Robert Woonton announced recently that he hopes forthcoming meetings with officials from the Financial Action Task Force (FATF) will convince the multilateral body to remove the jurisdiction from its list of countries considered vulnerable to money laundering activity.
According to ABC News, Mr Woonton explained that he will be offering the FATF assurances that the Cook Islands will be able to comply with international anti-money laundering requirements, following the introduction of a rash of new legislation in 2003. Nine new bills were presented before the jurisdiction's parliament in June alone.
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 last year, and included a Financial Transactions Reporting Act, which requires the reporting of local and international money transfers to a central intelligence unit.
Additionally, the new rules require disclosure of the capital adequacy of offshore firms and on-site inspections.
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