Côte d'Ivoire: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
IMF Staff Country Reports, August 23, 2023
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- Côte d'Ivoire: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
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Bibliographic details
- Published: August 23, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400253034.002
Executive summary and progress
- Côte d’Ivoire has achieved progress in countering money laundering and terrorist financing (ML/TF) since the 2012 mutual evaluation.
- Key reforms adopted:
- Adoption of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Law in 2016.
- Drafting of a national risk assessment (NRA).
- Drafting of a national strategy.
- Awareness-raising among various actors regarding AML/CFT issues.
- Early effects observed:
- New impetus provided to judicial investigations and proceedings related to financial crime.
- Outlook:
- “As long as they are sustained, strengthened, and based on a deeper understanding of risks, these reforms should bear more fruit in the coming years.”
Remaining structural challenges and risks
- Structural elements that continue to challenge the effectiveness of the AML/CFT regime:
- Prevalence of cash in the economy.
- Magnitude of the informal sector to the country’s economy.
- Cross-border nature of offenses.
- Corruption.
Policy implications and recommendations (as reflected in the report text)
- Sustain and strengthen recent reforms.
- Base further reforms on a deeper understanding of ML/TF risks.
- Continue awareness-raising among relevant actors.
- Reinforce capacity for judicial investigations and proceedings related to financial crime.
- Address structural impediments to effectiveness, including measures to mitigate risks stemming from cash prevalence, informality, cross-border criminality, and corruption.
Subjects and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Corruption, Crime, International organization, Monetary policy, Proliferation financing, Terrorism financing
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, assessment methodology, C. terrorism financing, Corruption, Europe, government of Côte d'Ivoire, Proliferation financing, Terrorism financing, TF risk, TF threat
Source: Côte d'Ivoire: Report on Observance of Standards and Codes—FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (IMF Staff Country Reports, 2023, No. 308).
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- 1civea2023003