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Foreign Asset Protection Trusts in The Cook Islands:

In 2005, The Cook Islands was removed from the list of countries the Financial Action Task Force (FATF) deemed to have inadequate anti-money laundering laws. Removal was made possible by a concerted program of upgrading legislation, government oversight, and supervision by The Cook Islands Government, with the assistance of international agencies. The Cook Islands now has a legislative, regulatory, and oversight structure more advanced than some OECD countries.

Removal may take some time to filter down from FATF to particular regulatory and oversight authorities in the United States & elsewhere. The Department of the Treasury, for example, must adopt the FATF action before its agencies & offices, such as the Financial Crimes Enforcement Network, and the Office of the Comptroller of the Currency, which administers and exercises oversight over the federal banking system, acknowledge the change.