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The African Development Bank Group has taken a significant step in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol). This partnership makes AfDB the first multilateral development bank to collaborate with Interpol.

The Letter of Intent was signed by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary-General Valdecy Urquiza at the bank’s headquarters in Abidjan. This partnership aims to enhance collaboration between the bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.

According to Adesina, “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.” He added, “By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime”.

Urquiza emphasized the importance of this partnership, stating, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions”

The partnership will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

The partnership will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy. Urquiza noted, “The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions. Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

Adesina emphasized the bank’s commitment to tackling these challenges, saying, “We will continue to tackle these challenges by building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies.” He added, “We will strengthen Know Your Customer and Due Diligence systems to prevent and fight fraud and corruption, among others.”

The partnership between the African Development Bank Group and Interpol is expected to have a significant impact on the fight against corruption and financial crime in Africa. By combining their expertise and resources, they aim to create a safer and more secure financial environment for African countries to thrive.

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