The African Development Bank Group (AfDB), took a significant step in the fight against financial crime and corruption in Africa by signing a groundbreaking Letter of Intent with the International Criminal Police Organization (Interpol).
This historic agreement marks the first partnership of its kind between a multilateral development bank and Interpol, with the goal of curbing illicit financial flows estimated at nearly $90 billion annually—funds that could otherwise support critical development projects in sectors such as water, sanitation, health, food security, and energy infrastructure.
The agreement was formalized on Wednesday at AfDB’s headquarters in Abidjan, with AfDB President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza signing the deal.
In a statement released by the bank’s Communication and External Relations Department on Friday, Adesina expressed that the partnership will strengthen cooperation 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 said.
“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,” Adesina continued.
The agreement will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures to combat emerging financial threats, including cybercrime, money laundering, and terrorist financing.
Interpol’s Secretary General Urquiza highlighted the urgency of tackling financial crime, especially in 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,” 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,” he continued.
According to Interpol’s 2024 Global Financial Fraud Assessment, cyber-enabled financial crimes—such as business email compromise, romance scams, and phishing—are on the rise, posing growing risks to African economies.
Adesina reaffirmed the AfDB’s dedication to supporting African nations in strengthening governance, ensuring transparency, and developing 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 stated.
The signing ceremony was attended by senior officials from both organizations, including Interpol’s Director of Governance, Mr. Silvino Schlickmann, and Head of its Regional Bureau, Ms. Paule Ouedraogo.
AfDB’s senior management team, led by Ms. Paula da Costa, Director of the Office of Integrity and Anti-Corruption, also participated in the event.
With this collaboration, AfDB and Interpol aim to strengthen Africa’s defenses against financial crime and protect resources vital for the continent’s development.
