Cote d’Ivoire and DRC continue trend as ten African nations have now exited FATF’s ‘Grey List’ in past 18 months

The DRC’s removal from the FATF’s ‘grey list’ after four years of work and reforms addressing the global financial crime watchdog’s action plan is a milestone for the integrity of its financial system and for the nation’s credibility, said DRC Finance Minister Doudou Fwamba Likunde Li-Botayi after the DRC became one of four nations, also including Cote d’Ivoire, to officially exit the grey list last Friday. 

“Removal from the list is expected to reduce the cost and friction of cross-border transactions for Congolese banks, businesses and citizens; support correspondent banking relationships and strengthen the confidence of investors and international partners,” added Fwamba Likunde Li-Botayi. Earlier this week, the Banque Centrale du Congo, the nation’s central bank, also hailed the news, saying removal from the grey list was likely to strengthen international confidence in the DRC’s economy,

At the conclusion of its plenary session held at the OECD headquarters in Paris last week, the FATF declared that the DRC, Cote d’Ivoire, Bulgaria, and Monaco had successfully worked with the watchdog and made "positive progress in addressing strategic anti-money laundering and countering the financing of terrorism and proliferation financing deficiencies identified during their mutual evaluations”. 

The four jurisdictions had completed their Action Plans within agreed timeframes and would no longer be subject to the FATF’s increased monitoring process.

For both African nations, this move is expected to strengthen confidence among investors, banks, and trading partners. Their removal from the grey list may make the DRC and Cote d’Ivoire more attractive destinations for foreign direct investment, while international financial institutions may also be more willing to extend loans.

It also means ten African nations have now exited the FATF grey list in less than eighteen months, which could positively impact the cost of African investment. As previously reported by Africa Legal, in June 2025, Tanzania and Mali were removed from the grey list, then South Africa, Nigeria, Mozambique, and Burkina Faso exited in October 2025, and earlier this year, in June 2026, Algeria and Namibia exited. 

The IMF estimates that being on the grey list reduces a country’s foreign capital inflows by approximately 7.6% of GDP. Banks in other countries apply extra scrutiny to transactions involving grey-listed jurisdictions, raising costs and slowing deals.

The six African nations that exited the grey list last year have already seen further benefits from their reforms and removal, with all six also successfully securing removal from the European Union’s High-Risk Third Countries list and the United Kingdom's high-risk register. This eliminates sweeping continental legal restrictions, easing commerce directly with European and British trading partners. 

Other benefits have reportedly included a recovery in property markets, currency strength, restored global banking trust, opened doors to deeper trade ties and infrastructure funding, and eased international aid distribution and remittance flows. 

Eighteen nations now remain on the grey list, including four in Africa: Angola, Cameroon, Kenya, and South Sudan. The FATF noted that Angola and Kenya were actively making progress, while Cameroon and South Sudan were failing to meet their timelines.

South Sudan has been on the list since 2021. The FATF noted "limited progress" and confirmed that all implementation deadlines have expired. Similarly to South Sudan, the FATF stated all of Cameroon's action plan deadlines have expired. While Cameroon has completed some elements, it needs to urgently address gaps in tracking beneficial ownership, enhancing judicial prosecution of money laundering, and tightening risk-based supervision of non-bank financial institutions.

Meanwhile, Cote d’Ivoire’s Minister of Economy, Finance and Budget, Adama Coulibaly, welcomed the news that his country has now been removed from the grey list, noting the decision followed FATF’s public acknowledgement of Cote d’Ivoire’s institutional, legislative, regulatory, and operational reforms to combat money laundering, terrorist financing, and proliferation financing. 

Minister Coulibaly noted this achievement strengthens the West African nation’s international credibility, called for sustained reform, and thanked the FATF, the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), and technical and financial partners for their support in executing the action plan.