AfDB President Dr. Akinwumi Adesina and Interpol Secretary-General Valdecy Urquiza at the bank's Abidjan offices.

The African Development Bank (AfDB) has partnered with International Criminal Police Organisation (INTERPOL) to curb illicit financial flows draining an estimated $90 billion annually from the continent.

The two organisations signed a Letter of Intent in Abidjan this week to save further loss of resources that could be better invested in critical development needs, including water, sanitation, health, food, and energy infrastructure.

AfDB president Dr. Akinwumi Adesina and INTERPOL secretary general Valdecy Urquiza signed the collaboration making the financial institution the first multilateral development bank to establish such a partnership with the international crime-fighting unit.

“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, 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,” said Adesina

He stressed that the partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre.

The two organisations will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cyber-crime, anti-corruption measures, and counter-terrorism financing.

Urquiza highlighted that 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 digitalised economy.

Secretary General Urquiza, who was elected to his position in November 2024, emphasised the need for strong partnerships to combat these threats. 

“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,” said Urquiza.