RAROTONGA, Cook Islands--(BUSINESS WIRE)--WSBC confirms it will leave the Cook Islands at the end of the year after 17 years of successful trading and is now making plans for the future.

The Bank says it had no alternative once Parliament read the Banking Amendment Bill for a second time in March. While the Bank was confident of winning its appeal in Court this week, that victory would have been worthless in light of Parliament's new law closing down all international banks.

WSBC has been the target of malicious and unfair speculation in recent times but unable to respond because the case was before the Court. The Bank wishes to state for the record that it has never been involved in money laundering and stresses that neither the FSC nor the FIU alleged it had been. Two independent international anti-money laundering experts investigated WSBC's records and concluded that they had no material concerns regarding the Bank's money laundering or terrorism finance risk.

Contrary to what has been said in Parliament, the Bank says it has not damaged the reputation of the Cook Islands and in its 17 years of operation has brought much needed revenue to the Cook Islands.

In agreeing to transfer, the Bank has saved the Cook Islands the huge expense of a Court fight the Bank would have won. In leaving the Cook Islands the Bank recognises that it must respect the wishes of Parliament and is transferring its operations and funds to a new location.