African Development Bank Partners with Interpol to Combat Financial Crime in Africa

The African Development Bank Group (AfDB) has taken a decisive step in strengthening Africa’s financial security by signing a landmark Letter of Intent with the International Criminal Police Organization (Interpol). 

This historic agreement makes AfDB the first multilateral development bank to establish a direct collaboration with Interpol in the fight against financial crime and corruption.

The signing ceremony took place at the Bank’s headquarters in Abidjan, with AfDB President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza leading the initiative. The partnership aims to bolster collaboration between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre. 

The collaboration will focus on enhancing investigative capabilities, sharing expertise, and developing preventive measures to address emerging financial threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

Dr. Adesina emphasized the need for this partnership in light of Africa’s annual loss of nearly $90 billion due to illicit financial flows. “This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries. As the world’s most transparent financial institution, we maintain zero tolerance for corruption and terrorism financing. By working with Interpol, we are strengthening Africa’s financial defenses.”

Interpol Secretary General Urquiza echoed these sentiments, stating that corruption and financial crime are major barriers to economic and social development. “The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions,” he said. “Interpol’s closer relationship with the African Development Bank Group will help African law enforcement and financial agencies counter increasingly sophisticated financial threats.” 

As an institution that deploys approximately $10 billion annually in development financing, AfDB plays a crucial role in ensuring financial integrity across Africa. The Bank’s ongoing efforts will focus on:

• Building capacity and supporting African nations in establishing transparent governance and strong institutions.
• Strengthening Know Your Customer and Due Diligence systems to combat fraud and corruption.
• Ensuring the Bank’s resources are used effectively and transparently.

The high-level Interpol delegation at the signing included Mr. Silvino Schlickmann, Director of Governance, and Ms. Paule Ouedraogo, Head of Interpol’s Regional Bureau. AfDB’s senior management, including Paula da Costa, Director of the Office of Integrity and Anti-Corruption, also participated in the event.