The Cook Islands Financial Supervisory Commissioner says the introduction of a bill governing money changing and remittances is simply tidying up gaps in legislation.
Lorraine Allan says Cook Islanders no longer receive money from family members overseas but remittances go to relatives in Fiji and Tonga.
She says the new bill will require all companies sending money overseas to be licenced.
"The licencing is more I think a light touch. It's more so that we have some control over people who set up these sorts of businesses. They have to meet a fit and proper test to show they are of good character to deal with other people's money. it's really a measure that's put in place to ensure that we don't have sort of charlatans coming here and try to set up money-changing or remittance businesses and then just disappear with other people's money."
Lorraine Allan says the Money Changing and Remittances Bill will probably go before parliament tomorrow.
She says another piece of legislation, the controversial Banking Act, has been retabled for its third reading.
