0

Landmark partnership strengthens anti-corruption, cybercrime prevention, and counter-terrorism financing capabilities.

In a historic move to combat Africa’s escalating financial crime crisis, the African Development Bank Group (AfDB) and Interpol have signed a Letter of Intent to formalize a first-of-its-kind collaboration between a multilateral development bank and the global policing body. The agreement, signed on Wednesday by AfDB President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, aims to curb illicit financial flows (IFFs) draining an estimated $90 billion annually from the continent—funds critical for addressing poverty, infrastructure gaps, and climate resilience.

RELATED: Fighting fraud and financial crimes in the Generative AI age

Key Focus Areas of the Partnership

  1. Intelligence Sharing: Joint efforts between AfDB’s Office of Integrity and Interpol’s Financial Crime Centre to trace and recover stolen assets.
  2. Cybercrime Mitigation: Tackling digital fraud (phishing, business email compromise) threatening Africa’s fast-growing digital economies.
  3. Capacity Building: Training African law enforcement and financial institutions in advanced anti-money laundering (AML) techniques.
  4. Counter-Terrorism Financing: Disrupting financial networks linked to extremist groups.

Context: Africa’s Illicit Financial Crisis

  • $90B Annual Loss: Equivalent to 3.7% of Africa’s GDP, surpassing combined foreign aid and investment inflows (UNECA).
  • AfDB’s Stakes: The Bank channels $10B yearly into development projects, primarily government-backed, making transparency vital.
  • Digital Threats: Interpol’s 2024 report highlights a 62% surge in cyber-enabled financial fraud across Africa since 2022.

Building firewalls against money laundering and cybercrime

Dr. Akinwumi Adesina, AfDB President commented.

“As the world’s most transparent multilateral bank (Publish What You Fund), we have zero tolerance for corruption. This partnership ensures development funds reach their intended beneficiaries—schools, hospitals, and farmers—not criminals. By integrating Interpol’s expertise, we’re building firewalls against money laundering and cybercrime.”

Valdecy Urquiza, Interpol Secretary General stated:

“Financial crime stifles Africa’s growth. With AfDB’s regional insights, we’ll empower law enforcement to dismantle sophisticated criminal networks exploiting digital gaps. This alliance is a blueprint for global institutions.”

Strategic Actions Under the Pact

  • Enhanced Due Diligence: Strengthening “Know Your Customer” (KYC) systems for AfDB-funded projects.
  • Tech-Driven Solutions: Deploying AI and blockchain to track illicit transactions.
  • Regional Task Forces: Joint operations targeting high-risk sectors like extractive industries and public procurement.

Why it matters

Africa loses 30% of health budgets and 50% of infrastructure funds to corruption (AfDB). The partnership addresses:

  • Transparency Gaps: Only 8 African countries score above 50/100 on Transparency International’s Corruption Perceptions Index.
  • Terrorism Links: 40% of IFFs in West Africa fund extremist groups (UNODC).
  • Climate Finance Risks: Illicit flows divert resources from climate adaptation projects.

More in Business

You may also like