2016 November: The Cook Islands is complying with its international obligations in relation to anti money laundering and the countering of terrorist financing and transparency and the exchange of financial information to combat tax evasion. It continues to work with international organisations such as the FATF and the OECD as it is committed to providing financial services in accordance with international standards and best practice.
The following summarises the Cook Islands achievements to date in meeting international regulatory standards.
According to the recently published Wealth X 2016 report on Family Wealth Transfer (the “Report”), the world’s “ultra wealthy population” (“UHNWIs”), being those individuals with a net worth of at least USD30m, has grown to 212,615 with a combined wealth of USD30 trillion. Despite continued global economic uncertainties and geopolitical events, these numbers continue to grow year on year. However what is more astounding than the levels of wealth being generated are the amounts that will be transferred to the next generations over the coming decades.
In June of this year the Cook Islands passed the Pacific Catastrophe Risk Insurance Facility Act 2016 (the “Act”). The Act sees the formalising of many years of effort by several organisations, including the World Bank, Asian Development Bank and Pacific Islands Forum Secretariat, as well as certain Pacific Island states, to provide Pacific Island states with direct support to finance immediate disaster relief and advisory services on the financial management of natural disasters.
Tamatoa Jonassen, CEO of the Cook Islands Financial Services Development Authority,