I had the privilege to be in parliament to witness the passing of the International Relationship Property Act 2021 a new and innovative piece of legislation which is unique to the Cook Islands.
The concept behind the IRPA is simple, it gives spouses the right to choose to keep their assets intact in the event they separate in future. This legislation will provide a foundation for future growth in the Trust Industry in the years to come.
I was heartened to hear both the leader of the opposition, Hon Tina Pupuke Browne, and Prime Minister, Hon Mark Brown, acknowledge that in these COVID times the trust industry has shown itself to be resilient and sustainable and is an obvious choice for the diversification portfolio of the country.
Thank you also to Marie Francis of the Financial Services Development Authority and Cheryl McCarthy of the Financial Supervisory Commission for all of your work over the past 2 years to develop, draft and pass the Act.
Trustees & Fiduciaries Cook Islands