The Cook Islands government has complimented previous administrations, and the finance industry for the hard work which has resulted in the country being taken off a watchlist on money laundering.
The Taskforce's main objective is to ensure that there are adequate laws governing financial institutions and supervision to enforce those laws and assurance of border control management.
The Cook Islands News reports the MP Vaine Wichman, as saying the work doesn't now end for the Cook Islands.
He says the country will continue to be monitored but to be delisted is great news.
The Cook Islands was taken off the list along with Indonesia and the Philippines.
The Trustee Companies Association has also welcomed the delisting and has congratulated the government and its regulatory agencies.