The African Development Bank (AfDB) has partnered with Interpol to fight corruption and financial crime in Africa. The agreement was signed at the Bank’s headquarters in Abidjan. This is the first time a multilateral development bank has collaborated with Interpol.
The partnership will strengthen efforts to combat financial crime and improve investigative skills. It will also focus on sharing expertise and creating preventive measures. Key areas include cybercrime, corruption, and counter-terrorism financing.
Africa loses nearly $90 billion yearly due to illicit financial flows. These funds could support vital services like health, food, and energy. The African Development Bank provides around $10 billion yearly for development projects. Most of this funding goes to government initiatives.
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Stronger Systems Against Financial Crime
The collaboration will boost Africa’s ability to tackle financial fraud. “This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said AfDB President Adesina.
He added, “As the world’s most transparent financial institution for two consecutive editions, 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.”
Interpol’s 2024 Global Financial Fraud Assessment shows that online fraud is increasing. Business email compromise, phishing, and romance scams are major threats to Africa’s digital economy.
“Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world,” said Interpol’s Urquiza. “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.”
This partnership marks a major step in securing Africa’s financial systems. It aims to stop corruption and protect development resources for future generations.