The Office of the Prime Minister (OPM), in partnership with the Financial Intelligence Unit (FIU) of the Financial Supervisory Commission, confirms the formal establishment of a Cryptocurrency Advisory Working Group (CAWG).
As directed by the Prime Minister, the CAWG has been established to provide structured, cross-agency advice on a path forward for the Cook Islands in addressing international and transnational cybercrime, including ransomware. Its mandate includes assessing legal, financial, national security, operational and reputational implications of any proposed policy or legislative options.
Prime Minister Mark Brown said the establishment of the Working Group reflects the Government’s commitment to careful, evidence-based decision-making.
“Our reputation, our financial connectivity, and our economic stability are critical national interests. We will not move forward on any matter of this significance without rigorous due diligence, full consideration of international obligations, and close engagement with key stakeholders.”
OPM Chief of Staff Karopaerangi Ngatoko said the Working Group provides a formal mechanism to assess complex issues in a coordinated and disciplined manner.
“Cryptocurrency, ransomware suppression, and international compliance frameworks intersect across multiple agencies. The CAWG ensures that advice to Government is informed by legal, regulatory, financial, national security, foreign affairs and enforcement expertise.”
The CAWG’s objective is to gather and assess information, and report to the Prime Minister on the most appropriate path forward for advancing the Cook Islands’ consideration of measures to combat international and transnational cybercrime.
Its scope includes:
- Assessing alignment with Cook Islands law and constitutional principles
- Reviewing compliance with international anti-money laundering and counter-terrorism financing obligations
- Evaluating financial system impacts, including correspondent banking relationships
- Identifying reputational, national security and economic risks
- Considering operational feasibility and safeguards
- Recommending whether legislative, regulatory or alternative approaches are appropriate
The CAWG is Co-Chaired by the Office of the Prime Minister and the Financial Intelligence Unit, and brings together senior representatives from:
- Financial Supervisory Commission
- Crown Law Office
- Ministry of Finance and Economic Management
- Ministry of Foreign Affairs and Immigration
- Ministry of Justice
The Working Group is expected to complete its initial review of policy and legislative options and provide preliminary advice within the coming months. A further timeline for any subsequent public consultation or policy development will be determined once that advice is received.
Prime Minister Brown said the Government acknowledges the concerns raised by domestic stakeholders and international commentators.
“We have heard clearly from our banking sector, private industry representatives, and legal experts. Their concerns about financial connectivity, compliance exposure and economic risk are serious. This Working Group is the appropriate mechanism to test those risks properly and ensure any path forward protects the Cook Islands’ long-term interests.”
He added that no draft legislation has been tabled in Parliament and no final decisions have been made.
“Our approach is simple: protect our people, protect our economy, and uphold our international obligations. We will act carefully, responsibly, and in the national interest.”
The Office of the Prime Minister will provide further updates once the CAWG has concluded its initial review.
