The African Development Bank (AfDB) and Interpol have launched a groundbreaking alliance to combat financial crime in Africa, a continent losing an estimated $50 billion annually to illicit activities. This marks the first-ever partnership between a multilateral development bank and the global law enforcement body.
AfDB President Dr. Akinwumi Adesina and Interpol Secretary-General Valdecy Urquiza formalized the collaboration in Abidjan, aiming to strengthen investigative efforts against fraud, corruption, and cybercrime. The deal enhances cooperation between AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.
Cyber Fraud, Corruption at the Heart of the Fight
Interpol’s 2024 Global Financial Fraud Assessment warns that Africa’s rapid digitalization has made it a prime target for cybercriminals. Tactics like business email compromise, phishing scams, and romance fraud are draining billions from businesses and individuals.
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Adesina emphasized that protecting development funds is a top priority. “We maintain zero tolerance for corruption and terrorism financing,” he stated, referencing AfDB’s ranking as the world’s most transparent financial institution by Publish What You Fund.
Urquiza added that tackling financial crime requires cross-sector collaboration. “Interpol’s closer relationship with AfDB will help law enforcement and financial institutions across Africa counter evolving financial threats,” he said.
Strengthening Africa’s Defenses Against Financial Crime
The partnership will focus on intelligence-sharing, capacity building, and stricter regulatory frameworks to prevent illicit financial flows. AfDB will also enhance Know Your Customer (KYC) and Due Diligence systems across Africa’s banking sector.
This collaboration comes as AfDB prepares for its next leadership election on May 29, a contest that will shape the future of Africa’s premier financial institution. Under Adesina’s leadership since 2015, the bank has navigated economic turbulence while prioritizing anti-corruption measures and financial transparency.
The Interpol-AfDB alliance sends a strong signal: Africa’s financial institutions and law enforcement are stepping up their fight against economic crime, protecting billions in development funds, and securing the continent’s economic future.
