FATF Removes Côte d’Ivoire from Grey List Following Significant AML/CFT Reforms

The Financial Action Task Force (FATF) has removed Côte d’Ivoire from its list of jurisdictions under increased monitoring, commonly known as the grey list, following significant improvements to the country’s anti-money laundering and counter-terrorist financing (AML/CFT) framework.

The decision was announced following the FATF’s plenary meeting in Paris. Côte d’Ivoire had been placed under increased monitoring in October 2024 after the identification of strategic deficiencies in its financial crime prevention framework.

According to the FATF, the country has successfully addressed the commitments set out in its action plan through a series of institutional, regulatory and operational reforms.

Key improvements include strengthening international cooperation in money laundering and terrorist financing investigations, improving risk-based supervision of financial institutions and designated non-financial businesses and professions (DNFBPs), and enhancing access to accurate beneficial ownership information.

The country also demonstrated increased use of financial intelligence by law enforcement authorities, a sustained rise in money laundering and terrorist financing investigations and prosecutions, and improvements to its targeted financial sanctions framework.

The FATF nevertheless expects Côte d’Ivoire to continue working with the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) to maintain and consolidate these improvements.

For financial institutions and compliance professionals, the removal represents an important development in geographical risk assessment. However, grey-list removal should not automatically result in the elimination of additional controls where customer-specific, transactional or other jurisdictional risks remain.

Institutions should review their country risk classifications, customer due diligence procedures and monitoring arrangements in light of the updated FATF position, while continuing to apply a risk-based approach.

The decision demonstrates the importance of sustained implementation, effective supervision and international cooperation in strengthening national AML/CFT frameworks.