(Ecofin Agency) - In 2024, the Financial Action Task Force (FATF) put Côte d'Ivoire on its watchlist, citing gaps in its efforts to combat money laundering and terrorist financing.

Côte d'Ivoire has created a new body called the Financial Surveillance Group (GSF) to step up its fight against money laundering, terrorist financing, and the spread of weapons of mass destruction. The announcement came after a Cabinet meeting on February 12.

The entity GSF will be responsible for overseeing financial institutions and ensuring compliance with sanctions under the jurisdiction of the General Directorate of Customs, according to the official statement.

This move comes as Côte d'Ivoire was recently placed on the Financial Action Task Force’s (FATF) “gray list,” which includes countries with strategic deficiencies in their anti-money laundering and counter-terrorism financing (AML/CFT) systems.

Over the years, Côte d'Ivoire has introduced several measures to strengthen its AML/CFT framework. These include conducting a national risk assessment, passing laws to regulate financial transactions, imposing targeted financial sanctions, enhancing criminal investigations and prosecutions, confiscating illicit assets, and improving international cooperation. The country is also regularly assessed by global bodies such as the International Monetary Fund (IMF) and the West African Intergovernmental Action Group Against Money Laundering (GIABA).

Despite these efforts, challenges remain. GIABA notes that cross-border financial crimes, corruption, the heavy use of cash, and the large informal sector continue to pose risks.

According to Transparency International’s Corruption Perceptions Index (CPI), Côte d'Ivoire scored 45 out of 100 in 2024, ranking 69th out of 180 countries—an improvement from its score of 40 the previous year.