Cook Islands

Cook Islands

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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.includes detailed procedures for reviewing loans and other assets, and assessing risk management. None of the FSCa#39;s bank supervisors, all recently recruited, have any experience in bank examination. The FSC, in close collaboration with PFTAC ... be adequately trained to carry out asset evaluations and a procedures manual is also required to assist examiners. In order to expedite this process, the PFanbsp;...

Title:Cook Islands
Author: International Monetary Fund
Publisher:International Monetary Fund - 2004-12-20

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