New Zealand Funds New Cook Islands' Financial Intelligence Unit

Cook Islands Government

21 June 2001

This story is reproduced by kind permission of the Cook Islands Government at: http://www.cook-islands.gov.ck

Government's efforts to combat money laundering will get an added push with Cabinet backing of a proposal for technical assistance to set up a Financial Intelligence Unit (FIU). The proposal will be put forward for consideration by NZODA once Government has given the plan the thumbs up, this week.

Part of the push will involve training assistance for the Offshore Financial Services office. Commissioner Mathilda Uhrle is expected to take up an opportunity in the United States next week, participating in an anti-money laundering training programme in Washington DC.

The Prime Minister Dr. Maoate has been supportive of the ongoing anti-money laundering initiatives, having recently attended the fourth annual meeting of the Asia Pacific Group on Money Laundering (APG), in Malaysia. The Cook Islands is now a member of the Group and committed to the regional cooperative framework to fight financial crime.

The establishment of the FIU stems from the enactment of anti-money laundering legislation last August, which also instituted an anti-money laundering authority. Government has since been negotiating assistance to strengthen the framework, which the law has created, including the need for professional training.

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