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Moving Towards EXCELLENCE with FATF’s 40+9…<br />THE COOK ISLANDS STORY<br />Financial Supervisory Commission<br />Cook Is...
The Story Teller:<br />Louise Wittwer<br />Manager - Offshore Services<br />Financial Supervisory Commission<br />Rarotong...
Setting the Scene:<br />“Cook Islands have emerged as a leader in the fight against money laundering and terrorism financi...
Setting the scene a little better … Lou’s back yard<br />Financial Supervisory Commission<br />Cook Islands<br />
Where are the Cook Islands?<br /><ul><li> At the centre of the Polynesian Triangle
 Western neighbours – Tokelau, Western + American Samoa, Niue
 Eastern neighbour – Tahiti
 Lies in the Tropic of Capricorn</li></ul>Financial Supervisory Commission<br />Cook Islands<br />
RAROTONGA<br /><ul><li> Vibrant capital of the Cook Islands
 1 of 15 islands scattered over 2 million square kilometres
 Home to 12,000 people
 Circular island, 32k in circumference
 Mountain peaks backdrop to palm fringed shores of turquoise lagoon</li></ul>Financial Supervisory Commission<br />Cook Is...
Quiz Time:<br />What is the most popular mode of transport in the Cooks?<br />Train<br />Helicopter<br />Scooter<br />Fina...
Quiz Time:<br />2.  What do Cook Islanders eat with?<br />A knife and fork<br />Chopsticks<br />Their hands<br />Financial...
Quiz Time:<br />3.  The majority of animals in Rarotonga are:<br />Monkeys<br />Pigs<br />Cats<br />Financial Supervisory ...
Quiz Time:<br />4.  The Cook Islands $2 coin is this shape:<br />Square<br />Triangle<br />Circle<br />Financial Superviso...
Quiz Time:<br />5.  The Cook Islands are in the same time zone as:<br />Hawaii<br />Antarctica<br />New Zealand<br />Finan...
Quiz Answers:<br />C - Scooter<br />C - Hands<br />B - Pigs<br />B - Triangle<br />A - Hawaii<br />Financial Supervisory C...
Setting the Scene:<br />“Cook Islands have emerged as a leader in the fight against money laundering and terrorism financi...
Asia/Pacific Group on Money Laundering (APG) – 5 key roles:<br />Robust Mutual Evaluation Programme<br />Technical Assista...
APG:<br /><ul><li> Largest ‘FATF Style’ Regional Body
 40 Active Member Countries
 9 Members who are FATF members:             </li></ul>Australia			6. Korea<br />Canada			7. New Zealand<br />China			8. S...
The Cook Islands …<br /><ul><li> Member of APG since 2001
 AML Mutual Evaluation in Feb 2009
 MER released in July 2009</li></ul>Very pleasing results …<br />Financial Supervisory Commission<br />Cook Islands<br />
Key Result:<br />Cook Islands is the only jurisdiction (in APG) that has NO NON COMPLIANT ratings against FATF’s40 AML Rec...
Overall Result:<br />Financial Supervisory Commission<br />Cook Islands<br />In summary, 60% C or LC and 40% PC.<br />
Detailed Results:<br />Financial Supervisory Commission<br />Cook Islands<br />
Comparative Results:<br />Financial Supervisory Commission<br />Cook Islands<br />
So, how did we get there?<br />Financial Supervisory Commission<br />Cook Islands<br />
Essentially with,‘Political + Jurisdictional WILL’ to be removed from FATF’s BLACKLIST(June 2000 to February 2005)<br />Fi...
National effort forimmense changeincluding …<br /><ul><li> Legislative Change
 Active involvement of Govt and Crown Agencies
Supervisory and Regulatory Change
 Other Fundamental Changes</li></ul>Financial Supervisory Commission<br />Cook Islands<br />
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5.1 moving towards excellence (cook islands)

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Transcript of "5.1 moving towards excellence (cook islands)"

  1. 1. Moving Towards EXCELLENCE with FATF’s 40+9…<br />THE COOK ISLANDS STORY<br />Financial Supervisory Commission<br />Cook Islands<br />
  2. 2. The Story Teller:<br />Louise Wittwer<br />Manager - Offshore Services<br />Financial Supervisory Commission<br />Rarotonga<br />Cook Islands<br />Financial Supervisory Commission<br />Cook Islands<br />
  3. 3. Setting the Scene:<br />“Cook Islands have emerged as a leader in the fight against money laundering and terrorism financing within the region.”<br />Dr Gordon Hook<br />Executive Secretary<br />Asia/Pacific Group on Money Laundering<br />July 2009<br />Financial Supervisory Commission<br />Cook Islands<br />
  4. 4. Setting the scene a little better … Lou’s back yard<br />Financial Supervisory Commission<br />Cook Islands<br />
  5. 5. Where are the Cook Islands?<br /><ul><li> At the centre of the Polynesian Triangle
  6. 6. Western neighbours – Tokelau, Western + American Samoa, Niue
  7. 7. Eastern neighbour – Tahiti
  8. 8. Lies in the Tropic of Capricorn</li></ul>Financial Supervisory Commission<br />Cook Islands<br />
  9. 9. RAROTONGA<br /><ul><li> Vibrant capital of the Cook Islands
  10. 10. 1 of 15 islands scattered over 2 million square kilometres
  11. 11. Home to 12,000 people
  12. 12. Circular island, 32k in circumference
  13. 13. Mountain peaks backdrop to palm fringed shores of turquoise lagoon</li></ul>Financial Supervisory Commission<br />Cook Islands<br />
  14. 14. Quiz Time:<br />What is the most popular mode of transport in the Cooks?<br />Train<br />Helicopter<br />Scooter<br />Financial Supervisory Commission<br />Cook Islands<br />
  15. 15. Quiz Time:<br />2. What do Cook Islanders eat with?<br />A knife and fork<br />Chopsticks<br />Their hands<br />Financial Supervisory Commission<br />Cook Islands<br />
  16. 16. Quiz Time:<br />3. The majority of animals in Rarotonga are:<br />Monkeys<br />Pigs<br />Cats<br />Financial Supervisory Commission<br />Cook Islands<br />
  17. 17. Quiz Time:<br />4. The Cook Islands $2 coin is this shape:<br />Square<br />Triangle<br />Circle<br />Financial Supervisory Commission<br />Cook Islands<br />
  18. 18. Quiz Time:<br />5. The Cook Islands are in the same time zone as:<br />Hawaii<br />Antarctica<br />New Zealand<br />Financial Supervisory Commission<br />Cook Islands<br />
  19. 19. Quiz Answers:<br />C - Scooter<br />C - Hands<br />B - Pigs<br />B - Triangle<br />A - Hawaii<br />Financial Supervisory Commission<br />Cook Islands<br />
  20. 20. Setting the Scene:<br />“Cook Islands have emerged as a leader in the fight against money laundering and terrorism financing within the region.”<br />Dr Gordon Hook<br />Executive Secretary<br />Asia/Pacific Group on Money Laundering<br />July 2009<br />Financial Supervisory Commission<br />Cook Islands<br />
  21. 21. Asia/Pacific Group on Money Laundering (APG) – 5 key roles:<br />Robust Mutual Evaluation Programme<br />Technical Assistance + Training<br />International AML Network<br />Research + Analysis<br />Active Associate Member of FATF<br />Financial Supervisory Commission<br />Cook Islands<br />
  22. 22. APG:<br /><ul><li> Largest ‘FATF Style’ Regional Body
  23. 23. 40 Active Member Countries
  24. 24. 9 Members who are FATF members: </li></ul>Australia 6. Korea<br />Canada 7. New Zealand<br />China 8. Singapore<br />Hong Kong 9. United States<br />Japan<br />Financial Supervisory Commission<br />Cook Islands<br />
  25. 25. The Cook Islands …<br /><ul><li> Member of APG since 2001
  26. 26. AML Mutual Evaluation in Feb 2009
  27. 27. MER released in July 2009</li></ul>Very pleasing results …<br />Financial Supervisory Commission<br />Cook Islands<br />
  28. 28. Key Result:<br />Cook Islands is the only jurisdiction (in APG) that has NO NON COMPLIANT ratings against FATF’s40 AML Recommendationsand9 Special Recommendations (Against Terrorism Financing)<br />Financial Supervisory Commission<br />Cook Islands<br />
  29. 29. Overall Result:<br />Financial Supervisory Commission<br />Cook Islands<br />In summary, 60% C or LC and 40% PC.<br />
  30. 30. Detailed Results:<br />Financial Supervisory Commission<br />Cook Islands<br />
  31. 31. Comparative Results:<br />Financial Supervisory Commission<br />Cook Islands<br />
  32. 32. So, how did we get there?<br />Financial Supervisory Commission<br />Cook Islands<br />
  33. 33. Essentially with,‘Political + Jurisdictional WILL’ to be removed from FATF’s BLACKLIST(June 2000 to February 2005)<br />Financial Supervisory Commission<br />Cook Islands<br />
  34. 34. National effort forimmense changeincluding …<br /><ul><li> Legislative Change
  35. 35. Active involvement of Govt and Crown Agencies
  36. 36. Supervisory and Regulatory Change
  37. 37. Other Fundamental Changes</li></ul>Financial Supervisory Commission<br />Cook Islands<br />
  38. 38. Legislative ChangeSuite of AML legislation …<br />Money Laundering Prevention Act 2000<br />Banking Act 2003<br />Crimes Amendment Act 2003<br />Extradition Act 2003<br />Financial Supervisory Commission Act 2003<br />Mutual Assistance in Criminal Matters Act 2003<br />Proceeds of Crimes Act 2003<br />Financial Transactions Reporting Act 2004<br />Narcotics and Misuse of Drugs Act 2004<br />Terrorism Suppression Act 2004<br />Financial Supervisory Commission<br />Cook Islands<br />
  39. 39. Active involvement ofGovernment and Agencies …<br />Financial Intelligence Unit (Intel & Compliance)<br />Financial Supervisory Commission (Regulation & Compliance)<br />Cook Islands Police (Investigation & Prosecution)<br />Customs (Movement of People & Goods)<br />Crown Law (Prosecution)<br />Along with Audit, Immigration, Justice, Foreign Affairs.<br />Financial Supervisory Commission<br />Cook Islands<br />
  40. 40. Financial Supervisory Commission<br />Cook Islands<br />
  41. 41. Supervisory & Regulatory ChangeA few examples …<br />Relicensing of all banks (domestic & international) by FSC<br />Annual on-site examinations of all financial institutions (including trustee companies)<br />Introduction of FIU’s reporting regime (STR, CTR, EFTR)<br />Review of DNFBP’s (lawyers, accts, pearl dealers, mv dealers, real estate agents) <br />Financial Supervisory Commission<br />Cook Islands<br />
  42. 42. Other Fundamental ChangesA few more examples …<br />Establishment of the Co-ordinating Committee against Money Laundering & Terrorist Financing (CCAM)<br />Getting the Offshore Industry ‘on board’ with the Regulators<br />Active participation in AML forums (APG, Egmont)<br />Sector Capacity Development (T & TA)<br />Awareness Programmes for DNFBP’s<br />Financial Supervisory Commission<br />Cook Islands<br />
  43. 43. By February 2004 the 2nd Cook Islands Evaluation Team observed:<br />“Overall, the current AMLlegal, institutional, and supervisory framework provides a sound basis for the prevention, detection, and prosecution of ML offences, but implementation remains weak and FT is not addressed.”<br />Financial Supervisory Commission<br />Cook Islands<br />
  44. 44. 3rd time round – Preparing for CI 2009 Mutual Evaluation<br />Started planning early, after APG 2007 Plenary<br />Outsourced preparation of ‘National Risk Assessment’ <br />Heads of all key agencies – FIU, FSC, CLO and Police attended APG training workshop<br />FIU dedicated resources to the ME<br />Comprehensive completion of ME questionnaire<br />Financial Supervisory Commission<br />Cook Islands<br />
  45. 45. 3rd MER Positive BUT…<br />Still contained 112 !!! recommendations<br />POCA, FTRA, <br />Offshore, Insurance<br />& DNFBP sectors…<br />Financial Supervisory Commission<br />Cook Islands<br />
  46. 46. So, where are we going?<br />Financial Supervisory Commission<br />Cook Islands<br />
  47. 47. Financial Supervisory Commission<br />Cook Islands<br />
  48. 48. Addressing 112 recommendations with consensus that we must …<br /><ul><li> Complete National Implementation Plan (Risk-based-approach to implementation and allocating scarce resources).
  49. 49. Maintain co-operation between parties
  50. 50. Aim for nil PC, and a significant move from LC to C, for our 4th ME.</li></ul>Financial Supervisory Commission<br />Cook Islands<br />
  51. 51. AND we’ve already started…<br />Revocation of two Offshore Bank Licences.<br />Implementation of the Insurance Act 2008.<br />Money Changers and Remitters Act passed in 2009.<br />Steps underway to abolish the Offshore Banking Sector.<br />Strategic Implementation Plan workshop held late March.<br />Financial Supervisory Commission<br />Cook Islands<br />
  52. 52. MeitakiMaata<br />Financial Supervisory Commission<br />Cook Islands<br />
  53. 53. Lou’s front yard … <br />Financial Supervisory Commission<br />Cook Islands<br />
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