The Cook Islands Financial Supervisory Commission (FSC) has launched a new international entities registry to improve anti-money laundering and combating the financing of terrorism compliance.

FSC has launched a secure and state-of-the-art registry for international entities, developed by the Asian Development Bank’s Pacific Private Sector Development Initiative (PSDI), with support from the Government of Australia.

In a statement, Cheryl McCarthy, Commissioner at the Cook Islands Financial Supervisory Commission, said that they were proud to introduce the country’s new international entities registry.

“This new registry is an important step in reinforcing the Cook Islands’ status as a regional leader in anti-money laundering (AML)/combating the financing of terrorism (CFT) compliance and maintaining our reputation as a secure and reliable place to do business. The new registry will allow us to meet our ongoing international obligations.”

The registry builds upon the PSDI-supported Companies, Incorporated Societies, and Personal Property Securities Registry, which was launched by the Ministry of Justice in December 2019 and was developed with support from the Government of Australia.

Australia’s High Commissioner to the Cook Islands, Phoebe Smith, says robust AML/CFT frameworks are for protecting the integrity of the global financial system and ensuring regional stability.

“That’s why Australia is proud to partner with the Cook Islands in its efforts to uphold its high AML/CFT compliance standards,” said Smith. “This registry not only strengthens the Cook Islands’ leadership in this area but also streamlines the FSC’s management of international business registrations, improving efficiency, compliance, and oversight.”

The new registry replaces the previous, aging system, which has been in place since 2011. The upgraded registry ensures high standards of data security, cloud-based data storage, and reduces hosting and maintenance costs for the Government of the Cook Islands.

According to Terry Reid, PSDI’s international business law expert, “PSDI support the development and implementation of modern technological solutions like this registry across the region, to make AML/CFT compliance simpler and more efficient.”

“Strengthening compliance means that all Pacific countries can remain integrated in the global economy while promoting growth and investment."

PSDI is an Asian Development Bank (ADB) technical assistance programme undertaken in partnership with the governments of Australia and New Zealand. It supports ADB’s 14 Pacific developing member countries to improve the enabling environment for business and to achieve inclusive, private sector-led economic growth, including through reforms designed to ensure compliance with AML/CFT best practice.