COOK ISLANDS SET UP FINANCE INDUSTRY WATCHDOG

WELLINGTON, New Zealand (RNZI, July 21) - The Cook Islands government has set up a commission which will police banks, trust companies and insurance firms.

The Financial Services Commission incorporates the work of the Offshore Financial Service.

The Chair of the commission, Trevor Clarke, said the new body will improve supervision of the industry but will remain outside the sphere of government and politics.

He said the goal of the commission is not to gain FATF approval but to regulate and supervise the industry to internationally acceptable standards.

Clarke said it is the government’s responsibility to deal with the blacklist.

The Commission will have the power to impose penalties on companies that do not comply with its criteria, with the most severe penalty being the loss of a license to operate in the Cook Islands.

July 21, 2003

Radio New Zealand International: www.rnzi.com 

 

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