The offshore sector comprises trust companies focusing on asset protection and international banks offering a range of financial services.
The industry is highly competitive worldwide. While the industry had stagnated in recent years, the provisional removal of the Cook Islands from the blacklist of the Financial Action Task Force (FATF) in February 2005 has provided an opportunity to resume a growth path.
It is expected that modest growth will be experienced over the following years.
Complete report: MFEM, Half Year Economic and Fiscal Update