Source: Interpol (news and events)
Financial fraud and corruption cost Africa more than USD 90 billion per year.
ABIDJAN, Côte d’Ivoire: INTERPOL and the African Development Bank Group have signed a letter of intent to pursue greater cooperation to combat corruption, financial crime, cyber-enabled fraud and money laundering.
The letter was signed by African Development Bank President Dr Akinwumi Adesina INTERPOL Secretary General Valdecy Urquiza during his visit to the Bank’s headquarters in Abidjan as part of his first official mission to Côte d’Ivoire.
Significant step forward
The first multilateral development bank to establish such a collaboration with INTERPOL, the Bank described the signing as a “significant step forward in its fight against corruption and financial crime”.
The agreement aims to enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (PIAC) and INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC).
It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats.
The agreement comes as Africa faces significant challenges of illicit financial flows, estimated at nearly USD 90 billion annually – a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.
According to INTERPOL’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing and other online frauds are a growing concern in Africa due to rapid advancements in digital technology.
INTERPOL Secretary General Valdecy Urquiza said:
“Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. INTERPOL’s closer relationship with the AfDB will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”
AfDB President Akinwumi 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 years, according to Publish What You Fund, 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.”
The Bank Group deploys approximately USD 10 billion annually in development financing, with the majority going to government projects.