The African Development Bank Group has signed a Letter of Intent with the International Criminal Police Organisation in a renewed commitment to its fight against corruption and financial crime.
In a statement on Friday, it was revealed that AfDB was the first multilateral development bank to establish such a collaboration with Interpol.
The Letter of Intent was signed by African Development Bank Group President Dr Akinwumi Adesina and Interpol Secretary-General, Valdecy Urquiza, who visited the bank’s headquarters in Abidjan.
The partnership will enhance collaboration between the bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.
It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing, the statement read in part.
At the signing, Adesina said, “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, according to Publish What You Fund’s assessment of sovereign portfolios, 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.”
According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalised economy.
Secretary-General, Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world.
“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.”
Adesina said the bank will continue to tackle these challenges by building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies. Strengthen Know Your Customer and Due Diligence systems to prevent and fight fraud and corruption, among others.
