FATF Status

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

Latest FATF Statement - 21 February 2025

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 follow up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Cote D'Ivoire was undertaken in 2024. According to that Evaluation, Cote D'Ivoire was deemed Compliant for 4 and Largely Compliant for 14 of the FATF 40 Recommendations. It remains Highly Effective for 0 and Substantially Effective for 0 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Corruption is a major barrier to investment in Côte d’Ivoire, affecting judicial processes, contract awards, and customs operations, with businesses reporting bribery at all levels of government. Despite the establishment of anti-corruption bodies and the ratification of international conventions, there have been few prosecutions for corruption, leading to skepticism about the effectiveness of these agencies. Recent initiatives, such as the SPACIA platform for reporting corruption and the e-fournisseur procurement system, aim to improve transparency and involve more small and medium enterprises in public contracts.

Côte d’Ivoire has experienced one of the fastest sustained economic growth rates in sub-Saharan Africa, with real GDP growth averaging 8.2 percent from 2012 to 2019, and projected growth rates of 5.5 percent in 2022 and 6.2 percent in 2023. The country serves as the economic engine of Francophone West Africa, accounting for over 39 percent of the total West African Monetary Union, and has maintained relatively stable inflation rates between 4.7 to 5 percent in 2022 despite global economic shocks.

Côte d’Ivoire presents a favorable investment climate, characterized by robust economic growth averaging 8.2 percent from 2012 to 2019 and a resilient recovery post-pandemic, with growth projected at 5.5 percent in 2022 and 6.2 percent in 2023. The government actively encourages foreign direct investment (FDI) through initiatives like the 2021-2025 National Development Plan, aiming for 72 percent of overall investment to come from the private sector, while also implementing structural reforms to enhance the business environment. Despite challenges such as bureaucratic delays and a complicated tax system, the establishment of an Anglophone Desk and ongoing infrastructure projects signal the government's commitment to improving the investment landscape.