Côte d’Ivoire: Progress and Challenges in Countering Money Laundering and Terrorist Financing

West African Nation Adopts Reforms Amid Persistent Risks

According to a recent report by the International Monetary Fund (IMF), Côte d’Ivoire has made significant strides in countering money laundering and terrorist financing (ML/TF). This progress includes the adoption of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Law in 2016 and the drafting of a national risk assessment (NRA) and national strategy.

Key achievements since the adoption of the AML/CFT Law:

Establishment of a financial intelligence unit
Supervision of designated non-financial businesses and professions
Strengthening of customer due diligence requirements

Persistent Challenges

Despite renewed momentum and progress, Côte d’Ivoire still faces challenges in combating ML/TF, including:

Prevalence of cash transactions and substantial informal sector
Cross-border nature of offenses
Corruption

Recommendations from the IMF

To sustain and strengthen these gains, the IMF advises addressing the following areas:

Improving understanding of ML/TF risks
Addressing structural challenges like the dominance of cash transactions and reducing the impact of the informal sector
Addressing corruption

Regional cooperation in combating ML/TF: Enhanced cooperation between regulatory authorities, law enforcement, and international organizations can result in more effective efforts to curb ML/TF in the West African Economic and Monetary Union (WAEMU) and beyond.

The ongoing battle against financial crimes: The fight against ML/TF is a continuous process. Building a more robust AML/CFT framework in Côte d’Ivoire and its regional counterparts can protect financial systems and contribute to global efforts against financial crimes.

About the IMF The International Monetary Fund is an international organization that helps its member countries overcome economic challenges. It provides policy advice and financial assistance to promote high employment, sustainable economic growth, and reduce poverty around the world. (imf.org)

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