INTERPOL and the African Development Bank (AfDB) have formalized an agreement to strengthen efforts against financial crime, cyber-enabled fraud, and corruption across Africa. The partnership aims to address illicit financial flows that cost the continent an estimated $90 billion annually, funds that could otherwise support essential infrastructure and development initiatives.
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The letter of intent was signed at AfDB’s headquarters in Abidjan, Côte d’Ivoire, by AfDB President Dr. Akinwumi Adesina and INTERPOL Secretary General Valdecy Urquiza. This marks the first collaboration of its kind between INTERPOL and a multilateral development bank. The agreement seeks to enhance cooperation between the Bank’s Office of Integrity and Anti-Corruption (PIAC) and INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC), focusing on expertise sharing, improved investigative capabilities, and preventive measures against emerging threats.
According to INTERPOL’s 2024 Global Financial Fraud Assessment, Africa faces increasing risks from business email compromise, phishing, and other digital fraud schemes. The rapid expansion of digital technology has heightened vulnerabilities, making enhanced enforcement strategies critical. The partnership will enable closer coordination between law enforcement agencies and financial institutions to combat increasingly sophisticated financial crime operations.
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AfDB President Akinwumi Adesina emphasized the institution’s commitment to protecting development funds and ensuring they reach their intended beneficiaries. He noted that AfDB has been recognized as the world’s most transparent financial institution for two consecutive years by Publish What You Fund and maintains a strict zero-tolerance policy on corruption and terrorism financing. INTERPOL Secretary General Valdecy Urquiza underscored the broader economic and social impact of financial crime, stating that the partnership will bolster Africa’s resilience against corruption and illicit financial activities.
AfDB deploys approximately $10 billion in annual development financing, with the majority allocated to government-led projects. By working with INTERPOL, the Bank aims to strengthen anti-money laundering mechanisms and financial crime prevention strategies across the continent.
Article by multiple RFHC contributors, based upon information from INTERPOL
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