19 Aug 2008

Cooks finance minister calls for broad approach to fight money laundering

3:20 pm on 19 August 2008

The Cook Islands finance minister, Sir Terepai Maoate, says money laundering and terrorism financing cannot be curbed with the efforts of only a few people or agencies.

Speaking at a workshop in Rarotonga, Sir Terepai said there had to be cooperation to get financial integrity and establish sound reputations as safe jurisdictions for investment.

He says private sector bodies such as banks also have to their share.

Sir Terepai says the Cook Islands was blacklisted by the Financial Action Task Force in 2000 which resulted in both economic and reputational cost from which it took a long time to recover.