2 Apr 2009

Cooks relieved WSBC case settled

4:12 pm on 2 April 2009

The Cook Islands Deputy Prime Minister says he doesn't think the settlement of the Wall Street Banking Corporation Bank case will deter potential offshore banking clients from investing in the country.

Sir Terepai Maoate says the Financial Supervisory Commission has successfully concluded the case to revoke WSBC's license to operate in the country since it wasn't complying with local rules.

Sir Terepai says those who have criticised the Banking Amendment Bill as being a mere ploy to get rid of WSBC have been proven wrong by WSBC finally accepting the country' s position before the High Court in New Zealand.

He says the country is finally relieved of a case that has been expensive and time consuming, and which threatened to see the country put back on the Financial Action Group's blacklist.

"But you know, when people are not following the rules, you can expect that anything can go wrong. But our concern is really that if they're not complying with the rules, it's tarnishing our reputation. We've had enough of being under the blacklist. We don't really want to have anything that will drag us near that."

Sir Terepai Maoate