1.Nature of Institution:
Government agencies
2.Organization History:
The Cook Islands Financial Supervisory Commission FSC(Financial Supervisory Commission) was established on 1 July 2003 to replace the former Financial Services Commission. On 1 July 2012, the Cook Islands Financial Intelligence Unit (FIU) merged with the FSC.
3.Regulatory functions:
The Cook Islands FSC is an independent body responsible for regulating regulated financial entities and financial services in the Cook Islands;
It includes the Board of Directors, Commissioners, Head of the Financial Intelligence Unit and its staff, Inspectors and Registrars of International Companies and International Trust Companies;
It is the licensing authority for all financial institutions, including banks, insurance companies (including captive companies), exchange and remittance services and trust companies;
It manages the registration of international and foreign companies, limited liability companies, international trusts, international partnerships and foundations.
FIU's function is to assist the Cook Islands in the prevention, detection, investigation and prosecution of money laundering, financial terrorism and other serious offences.
4.Regulatory Objectives/Scope:
The Cook Islands FSC is committed to being a financial regulator of excellence, integrity and support for the development of the Cook Islands Financial Services Centre.
