28 May 2003

Cook Islands Financial Supervisory Commission appointments soon

4:51 pm on 28 May 2003

Appointments to the board of the new Financial Supervisory Commission in the Cook Islands are expected to be announced shortly.

Matilda Uhrle, the Commissioner for Offshore Financial Services, says a list of nominations has been given to the minister of finance, Dr Terepai Maoate, including two possibilities for the one overseas representative.

She says the setting up of the FSC follows the introduction of sweeping new financial legislation.

Ms Uhrle says she hopes that with new laws and a new commission, the country will meet the demands of the Financial Action Task Force, which currently includes it on a blacklist connected to money laundering.

"there's been tremendous progress in the May sweep of legislation, indicating a real commitment to meeting international standards, not only on the issue of money laundering itself, but hand in hand with that, is meeting the international standards for banking supervision."

Matilda Uhrle says the FATF is meeting next month and will be considering whether the Cook Islands has made sufficient progress or should face sanctions.