FATF Status

Cote D’Ivoire is on the FATF List of Countries that have been identified as having strategic AML deficiencies.

Latest FATF Statement - 25 October 2024

In October 2024, Côte d’Ivoire made a high-level political commitment to work with the FATF and GIABA to strengthen the effectiveness of its AML/CFT regime. Since the adoption of its MER in June 2023, Côte d’Ivoire has made significant progress on many of the MER’s recommended actions including by strengthening its legal AML/CFT framework through several important legislative and regulatory amendments, updating ML/TF analysis by drafting typology reports on the highest risk predicate offences, strengthening the human and technical resources of the FIU and prosecutors, and operationalising the agency in charge of the management of assets seized and confiscated. Côte d’Ivoire will continue to work with the FATF to implement its FATF action plan by: (1) enhancing its use of international cooperation in ML/TF investigations and prosecutions; (2) improving the implementation of risk-based supervision of financial institutions and designated non-financial businesses and professions and conducting outreach campaigns to improve compliance; (3) improving the verification and access of basic and beneficial ownership information of legal persons and applying sanctions in case of violation; (4) enhancing the use of financial intelligence by law enforcement authorities and improving disseminations by the FIU; (5) demonstrating a sustained increase in the number of ML and TF investigations and prosecutions of different types in line with the country’s risk profile; and (6) strengthening the targeted financial sanctions framework.

Compliance with FATF Recommendations

The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Cote D'Ivoire was undertaken in 2023. According to that Evaluation, Cote D'Ivoire was deemed Compliant for 1 and Largely Compliant for 8 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Côte d’Ivoire has made some progress in improving its corruption perception, moving from 37 to 40 points on the Transparency International index, but corruption remains a significant barrier to investment and economic growth. Despite the establishment of anti-corruption bodies like the High Authority for Good Governance, there have been few prosecutions for corruption, leading to skepticism about their effectiveness. The government has introduced platforms for reporting corruption and launched a new procurement system to enhance transparency, but challenges such as ingrained practices and weak protections for whistleblowers persist.

Côte d'Ivoire is a resilient and growing economy, projected to achieve a growth rate of 6.6 percent in 2024 and 6.4 percent in 2025, despite facing challenges from global economic shocks and regional instability. The country is the largest economy in the West African Monetary Union, contributing over 39 percent of the region's GDP, and has implemented structural reforms to enhance the business environment, stabilize macroeconomic conditions, and diversify its economy.

Côte d’Ivoire presents a favorable investment climate with substantial multisectoral opportunities, particularly in agriculture, finance, and digital sectors. The government has prioritized structural reforms to enhance the business environment, resulting in a positive outlook from credit rating agencies like Moody's and Fitch, which recognize the country's economic resilience and growth potential. Despite challenges such as bureaucratic delays and a complicated tax system, initiatives like the Investment Customer Service Desk aim to facilitate foreign direct investment and improve the ease of doing business.