Asset Protection Planning

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Are Cook Islands Trusts Safe?

So, are Cook Island trusts safe? Cook Islands trusts are not just for the wealthy, elite or those involved in funny business. People use them for legitimate financial purposes. In fact, legal experts agree that the Cook Islands Trust is one of the safest and most secure options around. We should know. We’ve been setting up trusts in the Cook Islands since 1998 and have established more Cook Islands trust than anyone in the world.

Now, according to Transparency International under their Global Corruption Perceptions Index, New Zealand is tied for the number one, most trusted, least corrupt country in the world. Can you guess what Cook Islands is a part of? Right, New Zealand. Someone born in the Cook Islands is automatically a New Zealand citizen.

Cook Islands Map

Cook Islands Trust Regulations

The Cook Islands have stringent financial regulations. In some countries of the world, if you bribe a government official, you get what you want. In the Cook Islands you get thrown in jail. The Cook Islands has few natural resources. Therefore, they rely on so their financial services industry to support them economically. Thus, the sector has become one of the most important industries on the island. So, the regulators and trust companies know the importance of maintaining a sparkling clean reputation.

In addition, the Cook Islands government has implemented several regulatory systems to ensure the safety and security of your trust. These include the Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) systems, the Financial Supervisory Commission (FSC), the Financial Transaction Reporting Act (FTRA), and the Cook Islands Financial Intelligence Unit (CIFIU).

Cook Islands Trust and Nevis LLC

Trusted Trustee Companies

These regulations work together to ensure that all trustees act in their client’s best interest. The trustees are usually groups of attorneys and experienced personnel forming the trustee firm. The FSC, in turn, licenses and supervises each trust company.

The Cook Island has also imposed regulations to prevent money laundering and the financing of terrorism, as well as. Moreover, the Financial Transaction Reporting Act and the Cook Islands Financial Intelligence Unit provide added layers of security to detect and prosecute financial misconduct. In the decades since we have been forming Cook Islands trust, we have never heard of one instance where a trustee did not properly fulfill its obligations to the trust settlors and beneficiaries.

According to the statutes, the FSC, established in the Cook Islands in 2004, acts as the “licensing authority for all institutions being banks, insurers, money-changing and remittance businesses and trustee companies.” Plus, the FSC supervises and regularly audits the trustee organizations. As such, the trustees must follow regulations such as the AML/CFT system guidelines.

Cook Islands Trust Laws

The Financial Transaction Reporting Act, on the other hand, is designed as “the legal framework in which reporting institutions must have in place compliance systems to assist with the prevention, detection and prosecution of financial misconduct.” Furthermore, the Cook Islands established the CIFIU, which is a complementary layer of security to the FTRA. According to the FSC website, “The functions of CIFIU are to collect, analyze and disseminate financial information and intelligence on suspected money laundering, the financing of terrorist activities and other serious offenses to the appropriate authorities in the Cook Islands and internationally with approved organizations or countries.”

Keep in mind, the AML/CFT systems are international guidelines. They are not exclusive to the Cook Islands. They are also observed in other nations such as the U.S., New Zealand, Singapore, Australia, and other countries. This means that the Cook Islands not only meets the standards set by its own government, but also adheres to the standards set by other nations.

Safety and Peace of Mind

It is because of these strong regulatory measures; the Cook Islands has become well-known internationally as the safest place one can establish a trust. So, one can feel confident that assets are safe and well protected. In fact, many financial experts recommend the Cook Islands Trust as the best option for those seeking to protect their assets from potential legal battles, creditors, or unforeseen financial difficulties.

So, take it from an organization that has established more Cook Islands trusts than anyone on the globe. The Cook Islands is a world leader in financial services and asset protection trusts, thanks to its strong regulatory measures. Choose a Cook Islands Trust for the ultimate in asset protection and peace of mind.

You can be confident that your assets are in good hands, and that you are making a wise financial decision. For more information, call or fill out a free consultation form on this page.


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