Isole cook
The Cook Islands government is currently reviewing the draft Cryptocurrency (Ransomware Suppression) Bill 2025, which has not yet been tabled in Parliament. The proposed legislation aims to grant authorities sweeping powers to seize 'tainted' cryptocurrency worldwide, raising significant legal and security concerns among stakeholders.
Walter Henry, head of the Cook Islands' Financial Intelligence Unit, confirmed that the draft bill remains under review. He emphasized that the government is following proper internal processes to ensure the legislation aligns with national priorities, legal standards, and international obligations. Henry cautioned that it would be premature to make further comments until these processes are complete.
The Cook Islands Chamber of Commerce (CICC) has expressed grave concern over the draft proposals. The Chamber underscores the importance of protecting the country's hard-earned reputation and financial connectivity while tackling ransomware. They advocate for a careful, consultation-first approach consistent with international standards and stand ready to assist in designing solutions that work in the real economy.
Experts have warned that the draft bill could amount to state-sanctioned hacking, enabling private agents to exploit system vulnerabilities, bypass authentication mechanisms, install backdoors, and even conduct warrantless searches based on 'reasonable grounds.' Such provisions could expose the Cook Islands to material compliance, correspondent-banking, and reputational risks if not tightly specified and governed.
The government is focused on completing its internal review of the draft bill. No decision will be made public until the process concludes. Stakeholders, including the CICC, emphasize the need for transparent governance, disciplined drafting, and bank-tested operating rules co-designed with those who manage the country's financial transactions daily.
