This landmark agreement marks the first collaboration of its kind between a multilateral development bank and Interpol, with the objective of reducing illicit financial flows that are estimated to reach nearly $90 billion each year—resources that could be redirected towards essential development initiatives in areas such as water, sanitation, health, food security, and energy infrastructure.
The agreement was formalized on Wednesday at the Bank’s headquarters in Abidjan by AfDB President, Dr. Akinwumi Adesina, and Interpol Secretary General, Valdecy Urquiza.
In a statement released by the bank’s Communication and External Relations Department on Friday, Adesina emphasized that this partnership will enhance 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.
“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”, Adesanya said.
The agreement will prioritize the exchange of knowledge, the enhancement of investigative skills, and the creation of preventive strategies to combat emerging financial threats, such as cybercrime, money laundering, and terrorist financing.
Interpol’s Secretary General, Urquiza, highlighted the critical need to address financial crime, especially within Africa's swiftly digitalizing economy.
“Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world,” Urquiza remarked.
“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.”
As noted in Interpol’s 2024 Global Financial Fraud Assessment, cyber-enabled financial crimes, including business email compromise, romance scams, and phishing, are escalating, presenting heightened risks to African economies.
AfDB President Adesina confirmed the institution's dedication to assisting African nations in fortifying governance, ensuring transparency, and establishing strong anti-corruption structures.
He emphasized the Bank's ongoing commitment to capacity building and supporting African countries in strengthening transparent and accountable governance, including reinforcing Know Your Customer (KYC) and Due Diligence systems to prevent fraud and corruption and ensure the effective use of Bank resources.
The signing ceremony included senior officials from both organizations, namely Interpol’s Director of Governance, Mr. Silvino Schlickmann, and the Head of its Regional Bureau, Ms. Paule Ouedraogo.
Key members of Mr. Adesina’s AfDB senior management team were also present, including Ms. Paula da Costa, Director of the Office of Integrity and Anti-Corruption.
This collaboration aims to strengthen Africa's defenses against financial crime and protect resources allocated to continental development.