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World Update – Panama Papers

When millions of documents were leaked from an offshore Panama firm in “The Panama Papers”, asset protection came under scrutiny by readers and officials worldwide. While there are some offshore firms that do not have adequate policies and procedures in place to ensure compliance with regulatory requirements – such as allowing precarious clients to set up asset protection vehicles or not requesting sufficient “Know-Your-Customer” documents – asset protection in and of itself is not illegal, nor is it intended to hide,

Investment In the Cook Islands

Kia Orana from the Cook Islands,

New Safety Video

It’s not often that the Cook Islands play host to supermodels of the Sports Illustrated genre, but that’s what happened recently on the beautiful Island of Aitutaki in the Cook Islands. While it raised a storm of controversy as to the use of bikini clad women to promote air travel safety, it does generate welcomed publicity for our tourism industry. If you haven’t yet seen it, follow the link:

 

Captive Insurance in the Cook Islands

As part of its long term strategy to grow the international financial services industry through new services and new client markets, the Parliament of the Cook Islands recently passed the Captive Insurance Act 2013. This Act follows the introduction of Foundations legislation in June 2012.

The Minister responsible when introducing the legislation stated that “The Government has made a commitment to diversifying our economy by encouraging, strengthening and promoting our financial services sector. The passing of the Captive Insurance Act will increase business opportunities and is an important step in the growth of this key
industry to our economy.”