AfDB, Interpol Strengthen Efforts to Combat Financial Crimes in Africa

By Adedapo Adesanya

The African Development Bank (AfDB) has announced a collaboration with the International Criminal Police Organisation (Interpol) to step up efforts against corruption and financial crime.

This makes AfDB the first multilateral development bank to establish such a collaboration with Interpol.

The Letter of Intent was signed on Wednesday by African Development Bank Group President, Mr Akinwumi Adesina and Interpol Secretary General, Mr Valdecy Urquiza.

According to a statement, the partnership will enhance collaboration between the AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.

Both organisations will focus their resources towards enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.

This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

Advancements in digital technology have also led to an increase in internet-enabled financial crimes.

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 digitalized economy.

Speaking on the move, Mr Adesina said AfDB deploys approximately $10 billion annually in development financing, with the majority going to government projects.

He said the bank brings crucial insight into regional financial flows and development challenges.

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Mr Adesina.

“By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

On his part, Interpol’s 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,” he added.