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Côte d’Ivoire Country Summary

Sanctions

No

FATF AML Deficient List

No

Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center

Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.

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Anti Money Laundering

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 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.

Sanctions

There are no international sanctions currently in force against this country

Bribery & Corruption

Rating 0 (bad) - 100 (good)
Transparency International Corruption Index 40
World Bank: Control of Corruption Percentile Rank 44

Corruption is a major barrier to investment and economic growth in Côte d’Ivoire, affecting various sectors including judicial proceedings and customs. 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 governance, yet challenges remain in addressing the pervasive culture of bribery.

Economy

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 a resilient recovery during the pandemic, registering 2 percent growth in 2020 and 7 percent in 2021. The economy is projected to continue growing at 5.5 percent in 2022 and 6.2 percent in 2023, driven by its significant manufacturing base and strategic reforms aimed at enhancing productivity and private sector development.

Côte d’Ivoire presents a favorable investment climate, characterized by robust economic growth, 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 government actively encourages foreign direct investment (FDI) and has implemented structural reforms to enhance the business environment, although challenges such as bureaucratic delays and a complicated tax system persist. The establishment of an investment-focused Anglophone Desk aims to facilitate foreign investment, reflecting the government's commitment to attracting more international partners.

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