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the fsc board commissioner deputy paul heckles commissioner head of fiu bob williams louise wittwer senior supervisory officer registrar finance

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Published by , 2016-04-21 21:45:04

THE FSC BOARD - PFTAC

the fsc board commissioner deputy paul heckles commissioner head of fiu bob williams louise wittwer senior supervisory officer registrar finance

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]


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