AfDB, Interpol Forge Partnership To Combat Financial Crime

The African Development Bank Group (AfDB) has taken a significant step in the fight against financial crime and corruption by signing a Letter of Intent with the International Criminal Police Organisation (Interpol).

This historic agreement marks the first collaboration of its kind between a multilateral development bank and Interpol.

According to a statement obtained by THE WHISTLER, the initiative aims to curb illicit financial flows, which are estimated to drain nearly $90bn annually—funds that could otherwise be invested in critical development sectors such as water, sanitation, healthcare, food security, and energy infrastructure.

AfDB President, Dr. Akinwumi Adesina, and Interpol Secretary General, Valdecy Urquiza, formalized the agreement on Wednesday at the AfDB’s headquarters in Abidjan.

The collaboration will enhance efforts between the AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” Adesina stated in a release issued by the Bank’s Communication and External Relations Department.

“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 strengthening our capacity to help African countries build robust systems against money laundering and financial crime,” he said.

The agreement will facilitate knowledge sharing, enhance investigative capabilities, and develop preventive measures against emerging financial threats, including cybercrime, money laundering, and terrorist financing.

Interpol Secretary General Urquiza underscored the urgency of addressing financial crime, particularly within Africa’s rapidly digitalizing economy.

“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, especially in digital spaces, demands strong partnerships between law enforcement agencies 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,” he said.

Interpol’s 2024 Global Financial Fraud Assessment highlights the rise of cyber-enabled financial crimes, including business email compromise, romance scams, and phishing, which pose growing risks to African economies.

Adesina reaffirmed the AfDB’s dedication to supporting African nations in strengthening governance, ensuring transparency, and implementing robust anti-corruption frameworks.

“We will continue to build capacity and support African countries in strengthening transparent and accountable governance. This includes reinforcing Know Your Customer (KYC) and Due Diligence systems to prevent fraud and corruption while ensuring that the Bank’s resources are used for their intended purposes,” he said.

The signing ceremony was attended by senior officials from both institutions, including Interpol’s Director of Governance, Silvino Schlickmann, and the Head of its Regional Bureau, Paule Ouedraogo. Representing the AfDB were key members of Adesina’s senior management team, including Paula da Costa, Director of the Office of Integrity and Anti-Corruption.

Through this collaboration, both institutions aim to bolster Africa’s defenses against financial crime and safeguard resources intended for the continent’s development.

AfDB, Interpol Forge Partnership To Combat Financial Crime is first published on The Whistler Newspaper