Côte d’Ivoire Falls Short in Fight Against Money Laundering, Report Finds

A recent evaluation of Côte d’Ivoire’s anti-money laundering regulations has revealed a number of shortcomings that need to be addressed by the government.

Methodology and Findings

The assessment was conducted using the 2012 Financial Action Task Force (FATF) Recommendations and the 2013 Methodology. According to officials, the evaluation team gathered information from both the country itself and during an on-site visit to Côte d’Ivoire. The findings of this assessment have been thoroughly reviewed and endorsed by FATF.

Key Findings

• The report highlights a number of shortcomings in Côte d’Ivoire’s anti-money laundering regulations that need to be addressed.
• The government will require immediate attention to ensure that the country is better equipped to combat money laundering and terrorist financing.

Priority Actions

The following priority actions were identified as necessary for Côte d’Ivoire to improve its anti-money laundering framework:

• Improve customer due diligence: Strengthen customer identification and verification procedures.
• Enhance reporting of suspicious transactions: Improve the reporting process for suspicious transactions to financial intelligence units.
• Increase cooperation with international organizations: Enhance cooperation with FATF, other international organizations, and foreign jurisdictions.

Conclusion

The findings of this assessment are a critical reminder that Côte d’Ivoire must take immediate action to address its anti-money laundering shortcomings. The government must work to strengthen its regulations and implement the priority actions identified in the report to ensure the country is better equipped to combat money laundering and terrorist financing.