Financial Crime World

AML Guidelines for Small Businesses in Côte d’Ivoire: A Critical Assessment

Introduction

In a bid to combat money laundering and terrorist financing, the authorities in Côte d’Ivoire have identified high-risk sectors and key domestic threats. However, a recent report has revealed that despite taking measures to address these risks, the country’s financial sector remains vulnerable due to its geographical position, importance in the regional economy, and developed open financial system.

The Need for Proactive Approach

The report, which was released on August 23, 2023, highlights the need for small businesses in Côte d’Ivoire to take a proactive approach to anti-money laundering (AML) and combating the financing of terrorism (CFT). According to the report, while the authorities have taken measures to address corruption and real estate-related risks, these efforts are still in their infancy and have only addressed certain aspects of the problem.

Current State of AML/CFT Efforts

  • The Economic and Financial Crimes Tribunal and some investigative authorities in Côte d’Ivoire make adequate use of financial intelligence and other information to develop evidence and identify criminal proceeds.
  • International investigations remain underutilized, except when launched by foreign authorities.

Recommendations for Small Businesses

Experts say that small businesses in Côte d’Ivoire must be aware of the risks associated with money laundering and terrorist financing, particularly in sectors such as real estate and corruption. “It is crucial for small businesses to understand the AML/CFT guidelines and implement effective measures to prevent these crimes,” said a financial expert.

Recommendations for Authorities

The report recommends that the authorities in Côte d’Ivoire take a more proactive approach to addressing money laundering and terrorist financing, including:

  • Improving international cooperation
  • Enhancing the capacity of investigative authorities

Conclusion

In conclusion, the report highlights the need for small businesses in Côte d’Ivoire to be aware of the risks associated with money laundering and terrorist financing and take proactive measures to prevent these crimes. The authorities must also take a more comprehensive approach to addressing these risks, including improving international cooperation and enhancing the capacity of investigative authorities.