THE FSC BOARD
COMMISSIONER
PAUL HECKLES
HEAD OF FIU DEPUTY
BOB WILLIAMS COMMISSIONER
LOUISE WITTWER
SENIOR SENIOR FINANCE REGISTRAR SENIOR
COMPLIANCE INTELLIGENCE MANAGER SUPERVISORY
NGAMETUA
OFFICER OFFICER EMILIE PIERCE ARAKUA OFFICER
CEDRIC TORU WALTER HENRY MARGARET
TANGIMETUA
INTELLIGENCE ADMINISTRATION FINANCE SUPERVISORY SUPERVISORY SUPERVISORY
OFFICER OFFICER OFFICER/DEPUTY OFFICER OFFICER OFFICER
JUNE GEORGE ROSA GEORGE REGISTRAR FRANCIS AMANDA MUNOKOA
TAMANGARO TUATAI PUREA
PAULINE
MATAI
Financial Sector
• Four Banks which must have domestic licence to
operate in the Cook Islands
• Six Trustee Companies specialising in asset
protection trusts
• One Cook Island Based Insurance Agent, a few
brokers and one company for international
business only
• One Money Changing & Remittance Agent
Recently Introduced Foundations Act 2012 and
Captive Insurance Act 2013
Banks
• ANZ; Bank of the Cook Islands; CSB & Westpac
• Total Assets: NZ$588,309,000
• Total Liabilities: (US$500,209,000)
NZ$535,635,000
• Total Deposits: (US$455,423,000)
NZ$461,146,000
(US$392,088,000)
• Total Loans & Advances: NZ$340,715,000
(US$299,690,000)
Banks
• Onsite visit undertaken every year
• August 2013 issued new Prudential Guidelines
including one on Capital Adequacy
Requirements (Basel II)
Problems: -
• Project Wickenby in Australia
• Non-Performing Loans
Trustee Companies 2012/13
• Foundations – 2
• International Companies – 1024
• International Trusts – 2,619
• Limited Liability Companies – 337
• International Partnerships – 5
Trustee Companies
Problems: -
• Data theft from Portcullis Trustnet in BVI
• Consortium of International Investigative
Journalists
• Nicky Hager journalist in New Zealand
targeting the Cook Islands
Common Issues
• Foreign Account Tax Compliance Act (FATCA)
New Cook Islands Legislation- the Financial
Institutions (Provision of Customer Information)
Bill 2013
• OECD Global Forum Phase II Inspection
Early 2014 – New legislation – Six Amendment
Bills will be put to November 2013 Parliament
Proposed New Legislation
• Trustee Companies Bill 2013
• Financial Intelligence Unit Bill 2013
• Superannuation Supervision Bill
• Financial Transactions Reporting Bill
• Currency Declaration Bill
• Foundations Amendment Bill
The Future
• 5% cut in operation budget
• VAT increases effecting 76 charges
• Mutual Funds & Separate Cell Legislation
• Hosting APEC training course on “Dealing with
Problem Banks” 16 – 20 June 2014
• APG evaluation in 2017
• Sovereign Wealth Fund
The Banking Review
Contact Details
Paul Heckles – Commissioner
Financial Supervisory Commission
Bermuda House, Avarua
PO Box 594, Rarotonga
Cook Islands
Tel: (682) 20798
Email: [email protected]