African Development Bank and Interpol Partners to Combat Financial Crime and Corruption

"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," notes Valdecy Urquiza, Interpol's Secretary General.

African Development Bank and Interpol Partners to Combat Financial Crime and Corruption

By Abdi Ali
Published February 21, 2025

African Development Bank has signed an agreement with International Criminal Police Organization (Interpol) in their joint effort to fight corruption and financial crime across Africa.

The partnership, that is expected to enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre, 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.

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

“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” Akinwumi Adesina, President of African Development Bank, says. “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.”

Rapid 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.

“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,” notes Valdecy Urquiza, Interpol’s Secretary General.

Adesina says the Bank he leads 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
Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption, and
Ensuring that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund.