ABIDJAN, Côte d’Ivoire – ECNETNews reports that INTERPOL and the African Development Bank Group have entered into a groundbreaking letter of intent aimed at enhancing collaboration to combat corruption, financial crime, cyber-enabled fraud, and money laundering.
This landmark agreement was formalized by the president of the African Development Bank, Dr. Akinwumi Adesina, and INTERPOL Secretary General Valdecy Urquiza during his official visit to the bank’s headquarters in Abidjan.
Major Advancement in the Fight Against Corruption
As the first multilateral development bank to forge such a partnership with INTERPOL, the signing marks a vital advancement in the battle against corruption and financial crime. The primary focus of this collaboration will be to enhance coordination between the Bank’s Office of Integrity and Anti-Corruption and INTERPOL’s Financial Crime and Anti-Corruption Centre.
This agreement emphasizes the importance of sharing expertise, boosting investigative capabilities, and developing strategies to prevent emerging financial crime threats.
The initiative comes in response to Africa’s alarming challenges with illicit financial flows, which are estimated to reach nearly USD 90 billion annually—resources that are crucial for essential development needs such as water, sanitation, health, food, and energy infrastructure.
According to INTERPOL’s 2024 Global Financial Fraud Assessment, the prevalence of business email compromise, romance baiting, phishing, and other online frauds continues to escalate in Africa due to rapid digital advancements.
INTERPOL’s Secretary General Valdecy Urquiza stated:
“Corruption and financial crime are significant barriers to economic and social development both in Africa and globally. This enhanced partnership with the African Development Bank will empower law enforcement agencies and financial institutions across Africa to tackle these increasingly sophisticated threats.”
African Development Bank President Akinwumi Adesina remarked:
“This collaboration underscores our unwavering commitment to safeguarding development resources and ensuring they effectively reach their intended recipients. As the world’s most transparent financial institution for the past two years, we have a zero tolerance policy for corruption and terrorism financing. Partnering with INTERPOL fortifies our capability to assist African nations in building resilient systems against money laundering and financial crime.”
The Bank Group allocates approximately USD 10 billion annually for development financing, primarily directed towards government projects.
