African Development Bank Group (AfDB) has signed a Letter of Intent with the International Criminal Police Organisation (Interpol) to help curb Africa’s estimated $90 billion annual Illicit financial flows.
According to AfDB president, Akinwumi Adeaina, “The Letter of Intent was signed on Wednesday by Akinwumi Adesina, the AfDB Group president, and Valdecy Urquiza, the Interpol secretary-general, who visited the bank’s headquarters in Abidjan on Thursday.
“As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges.
“As the world’s most transparent financial institution for two consecutive editions (according to Publish What You Fund’s assessment of sovereign portfolios), 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.
He further said that the partnership demonstrates the AfDB’s commitment to protecting development resources and ensuring they reach their intended beneficiaries.
He noted that said the partnership will enhance collaboration between the bank’s Office of Integrity and Anti-Corruption and the Interpol’s Financial Crime and Anti-Corruption Centre.
“It 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.”
He said the initiative comes as Africa faces significant challenges of illicit financial flows—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.
“Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. 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 digitised economy.”
Secretary general Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world.”
Urquiza said, “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.”
“Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world,” said Interpol secretary general Urquiza.
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