Money Laundering Probe Expands to More Ivorian Banks

This article updates you on the expanding money laundering investigation in Ivory Coast, implicating three additional banks.

Société Générale Côte d’Ivoire Under Scrutiny Since 2022

• Société Générale Côte d’Ivoire, a subsidiary of the French-headquartered international banking group, has been under investigation since July 2022.
• Suspected of money laundering and financing terrorism following a raid by the Ivorian central bank.

Three More Banks Implicated in Money Laundering Allegations

• The latest probe has broadened to involve three other banks in Ivory Coast.
• Details of their involvement and the extent of the fraudulent activities are still not clear.
• No official comments have been made by the Ivorian authorities regarding the allegations.

Issues with Regulatory Oversight and Transparency in Ivory Coast’s Financial Sector

• The financial sector in Ivory Coast has faced criticism for weak regulatory oversight and lack of transparency over the years.
• Transparency International’s Corruption Perceptions Index in 2021 ranked Ivory Coast 124th out of 180 nations.

Ivorian Authorities’ Response

• Ivorian authorities face the challenge of providing clear guidance and restoring public trust in the banking sector.

growing Concerns about Financial Wrongdoing in African Banking Sector

• The latest probe adds to growing concerns about financial wrongdoing and organized crime within Africa’s banking sector.
• With increasing engagement from international organizations, businesses, and individuals with African markets, there’s a pressing need for a robust anti-corruption framework.

Stay Tuned for Further Updates

• Africa Intelligence will continue to monitor and report on this developing story.