30 Dec 2011

Cook Islands government rationalises agencies

4:15 pm on 30 December 2011

The Cook Islands Financial Supervisory Commission and its Financial Intelligence Unit will merge in the next financial year under government plans to streamline the public sector.

The two regulatory bodies will share office space and combine their staffs at the Commission site and officially become a joint entity by July the 1st.

The Commission regulates financial institutions, while the Financial Intelligence Unit works to combat money laundering, the financing of terrorism and similar offences.

The Ministry of Education and the Department of National Human Resources Development are also merging.