Narrow Your Choices

Refine By Countries

Refine By Topic

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Books and Analytical Papers > IMF Staff Country Reports

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Cook Islands x
Clear All Modify Search
Cover IMF Staff Country Reports
Cook Islands: Technical Assistance Report–Macroeconomic, Financial, and Structural Policies
International Monetary Fund. Asia and Pacific Dept
A mission was requested by the New Zealand authorities to the Cook Islands to focus on policy options for transitioning to high-income status, financial sector stability and regulatory framework, and debt sustainability.1 It evaluated these issues in the context of the medium-term outlook and against the context of a recently developed fiscal framework. The Cook Islands is a self-governing territory in free association with New Zealand, but it is not an IMF member (Box 1).
Keywords:
ISCR; CR; Cook Islands economy; debt ratio; economy; net; cash reserves; Cook Islands superannuation; economic statistics; debt target; return on assets; Natural disasters; Tourism; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Cook Islands: Technical Assistance Report-International Financial Services Industry
International Monetary Fund. Asia and Pacific Dept
This technical assistance mission report underlines efforts to estimate the economic and revenue contributions of the international financial services industry in the Cook Islands. This report discusses the data and methodology used and presents the results. One matter that has been raised is that international companies are exempt from all taxes in the Cook Islands. The economic contribution of the international financial services industry can be measured by the value added of resident institutional units engaged, directly or indirectly, in the production of international financial services in the Cook Islands. The production of international financial services generates income which is distributed to the various agents or groups of agents who use that income to acquire goods and services for consumption now or later. The international financial services industry also contributes indirectly to gross domestic product through two channels. The first channel is through the goods and services that the industry purchases from other suppliers, such as electricity, accounting services, telecommunications, etc.
Keywords:
ISCR; CR; trustee company; financial services service industry; income tax; taxable income; GDP contribution; Cook Islands trustee companies use; Services sector; Value-added tax; Wages; Income tax systems; Australia and New Zealand; Global
Cover IMF Staff Country Reports
Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision
International Monetary Fund
This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.
Keywords:
ISCR; CR; trustee company; CFT regime; due diligence; tax authorities; company service; intelligence officer; law enforcement authority; state party; action authority; law enforcement; government of the Cook Islands; domestic law; government supervision; supervision authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration; Australia and New Zealand; Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This paper focuses on key findings of the detailed assessment of observance of standards and codes in the financial sector of the Cook Islands (CI). The new legal framework in CI represents an important first step in correcting deficiencies, as they are all addressed in the new set of laws. The framework empowers the Financial Services Commission to license, supervise, and regulate the financial sector. It also provides it with enforcement authority in the event of noncompliance with the law, and to cooperate with foreign supervisors where necessary for implementation of comprehensive supervision on a consolidated basis.
Keywords:
ISCR; CR; The FIU; due diligence; police force; commercial bank; compliance officer; FSC staff; holding company; risk assessment; risk management; banking business; human resources; enforcement power; high court; regulatory authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Legal support in revenue administration; Foreign banks; Pacific Islands; Global