Côte d’Ivoire has just reached an important milestone in strengthening its financial system. The Financial Action Task Force (FATF) has officially decided to remove the country from its list of jurisdictions under increased monitoring, commonly known as the “grey list.”
The announcement was made on Friday by Côte d’Ivoire’s Minister of Economy, Finance and Budget, Adama Coulibaly, following the organization's plenary meeting held from October 28 to 30 in Paris, France.
Having been placed on the list on October 25, 2024, Côte d’Ivoire is now leaving it after two years of efforts dedicated to strengthening its framework for combating money laundering, terrorist financing and the financing of weapons proliferation (AML/CFT/CPF).
In its statement, the FATF welcomed the significant progress made by the Ivorian authorities. The organization particularly noted that the country had completed its action plan within the agreed timeframe and met the requirements aimed at addressing the strategic deficiencies identified in its national framework. This progress was confirmed following a successful on-site assessment visit.
For Adama Coulibaly, this decision represents recognition of the reforms undertaken by the government. The minister said it “honors our country and demonstrates the significance of the efforts made by the government to adopt reforms and ensure their effective implementation.”
However, the Ivorian authorities intend to stay the course. The minister emphasized that removal from the grey list should not be considered an end in itself, but rather an invitation to continue reforms and preserve the progress achieved.
“The government will continue its efforts to ensure the long-term effectiveness of the national framework for combating financial crime,” he assured.
Beyond this international recognition, the decision sends a positive signal for the Ivorian economy. It is expected to help strengthen the credibility of the national financial system among international partners while improving perceptions of the risks associated with financial transactions involving the country.
Removal from the grey list thus marks a major step forward for Côte d’Ivoire in its efforts to consolidate financial transparency and enhance its economic attractiveness.
