Approval given to regional laundering unit

A unit to help combat financial criminal activity in offshore regimes throughout the Pacific is a step nearer after being approved by prime minister Dr Terepai Maoate. However, Dr Maoate is maintaining his stance that the Financial Intelligence Unit (FIU) must be sensitive to the confidentiality provisions and integrity of the Cook Islands’ own offshore industry, according to Commissioner for Offshore Financial Services, Mathilda Uhrle. Uhrle stated that a five-member assessment team, with backgrounds in law-enforcement, banking supervision and anti money laundering and FIU operations was in the Cook Islands carrying out a feasibility study in to the establishment of a tailor-made FIU.