The African Development Bank Group has taken a significant step in combating financial crime and corruption across Africa by signing a Letter of Intent with the International Criminal Police Organisation (Interpol).
This landmark agreement, the first of its kind between a multilateral development bank and Interpol, aims to address illicit financial flows estimated at nearly $90 billion annually—funds that could otherwise be directed towards essential development projects in areas such as water, sanitation, health, food security, and energy infrastructure.
The agreement was formalized on Wednesday at the Bank’s headquarters in Abidjan by AfDB President, Akinwumi Adesina, and Interpol Secretary General, Valdecy Urquiza.
In a statement released by the Bank’s Communication and External Relations Department on Friday, Adesina emphasized that the partnership would strengthen collaboration between AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.
He stated, “This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries. As the world’s most transparent financial institution for two consecutive editions, we maintain zero tolerance for corruption and terrorism financing. By joining forces with Interpol, we are enhancing our ability to help African countries build strong systems to combat money laundering and financial crime.”
The agreement will focus on sharing expertise, bolstering investigative capacities, and developing preventive strategies to address emerging financial threats, such as cybercrime, money laundering, and terrorist financing.
Urquiza, Interpol’s Secretary General, stressed the urgent need to tackle financial crime, especially in Africa’s rapidly digitizing economy. The 2024 Global Financial Fraud Assessment by Interpol highlights the growing risks posed by cyber-enabled financial crimes like business email compromise, romance scams, and phishing, all of which are increasing across African economies.
Adesina reaffirmed AfDB’s commitment to assisting African nations in strengthening governance, ensuring transparency, and implementing robust anti-corruption measures
