Financial Supervisory Commission – Cook Islands

The Financial Supervisory Commission (FSC) is an independent regulatory authority in the Cook Islands, established on July 1, 2003, succeeding the former Offshore Financial Services Commission.

In 2012, the Financial Intelligence Unit (FIU) merged with the FSC to enhance oversight capabilities. The FSC’s mission is to oversee an effective and efficient prudential and investigative supervision regime, applying risk-based and intelligence-led policies in line with internationally accepted best practices.

The primary responsibilities of the FSC include:

• Supervision of financial entities: Overseeing banks, insurers (including captives), money-changing and remittance businesses, and trustee companies to ensure compliance with regulatory standards.
• Licensing authority: Issuing licenses to financial institutions operating within the Cook Islands, ensuring they meet the necessary legal and operational requirements.
• Registry operations: Managing the Registry of International and Foreign Companies, Limited Liability Companies, International Trusts, International Partnerships, and Foundations, facilitating a transparent and efficient business environment.
• Financial intelligence: Through the FIU, preventing, detecting, investigating, and prosecuting money laundering, financing of terrorism, and other serious offenses, thereby safeguarding the financial system’s integrity.

By fulfilling these roles, the FSC aims to maintain a robust, transparent, and secure financial sector in the Cook Islands.