A Double Victory for Africa: GAFI Removes Four Jurisdictions from Grey List

This is a double victory for Africa. Following its plenary session, the Financial Action Task Force (FATF) removed Monaco, Bulgaria, the Democratic Republic of the Congo (DRC), and Côte d’Ivoire from its “grey list,” as these jurisdictions have completed their action plans to combat money laundering.

Côte d’Ivoire: The Culmination of Two Years of Efforts

For Abidjan, this marks the culmination of two years of dedicated effort. In October 2024, Côte d’Ivoire, in collaboration with the Intergovernmental Committee on Money Laundering in West Africa (GIABA), committed to addressing its deficiencies. The country subsequently met the requirements of its action plan through institutional, legislative, regulatory, and operational reforms. As early as last June, the FATF deemed the plan “substantially completed” and approved the dispatch of an on-site mission.

DRC: Emerging from a Long Trial

The Democratic Republic of the Congo, for its part, emerges from a prolonged ordeal. Placed under enhanced monitoring in October 2022, the DRC has been removed from the list after four years. Finance Minister Doudou Fwamba Likunde hailed this as a “historic advancement.” He anticipates that this move will lead to improved relationships with correspondent banks and smoother international transactions.

Broader Positive Outcomes

Beyond these two specific cases, the overall outcome of the plenary session is favorable: no new countries were added to the list, which has shrunk from 22 to 18 jurisdictions. The “black list” remains unchanged, still comprising Iran and North Korea.

Sustaining Momentum

However, the effort must not be relaxed. Removal from the list does not signify the end of the work already undertaken, nor does it eliminate the risks associated with financial crime. For both countries, the challenge now is to transform this success into lasting confidence among banks and investors.