1 Jul 2003

Cook Islands FSC board meet for first time later this week

5:46 pm on 1 July 2003

The new board of the Cook Islands Financial Supervisory Commission will meet for the first time later this week.

The acting commissioner, Mathilda Uhrle, says the five board members will look at what further work needs to be done to enable the country to get off a Financial Action Task Force money laundering blacklist.

Ms Uhrle says the FATF recently informed the Cook Islands it was happy with progress following the introduction of comprehensive offshore banking legislation and said sanctions would not be imposed.

"They welcomed these substantial new measures and the fact they we will eliminate the existence of shell. Banks by one June 2004, and that is quite a significant change in the banking act."

Four of the five board members are from the Cook Islands and one is from New Zealand.