Preheat oven to 400 degrees F.
In a medium mixing bowl, stir together coconut, cornstarch, condensed milk, almond extract, and vanilla extract. Let mixture sit for 3 to 5 minutes.
Using 2 tablespoons, drop by heaping rounded spoonfuls onto parchment lined cookie sheet about 1-inch apart. Watching closely, bake for 15 to 20 minutes until lightly golden brown. Remove from oven and cool on wire rack.
Using fine meshed sieve or sifter, dust with confectioners' sugar. Store loosely covered until ready to serve.
Recipe courtesy of Ingrid Hoffmann, 2007