In a groundbreaking move to bolster the fight against corruption and financial crime, the African Development Bank Group, has signed a Letter of Intent with the International Criminal Police Organization (Interpol). The agreement makes the Bank the first multilateral development institution to establish such a collaboration with the international law enforcement body.
The signing ceremony took place at the Bank’s headquarters in Abidjan, where African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza formalized the partnership. The initiative aims to strengthen cooperation between the Bank’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre through shared expertise, enhanced investigative capabilities, and the development of preventive measures against emerging threats such as cybercrime, corruption, and terrorism financing.
This strategic collaboration comes at a time when Africa is grappling with illicit financial flows estimated at nearly $90 billion annually, funds that could otherwise be allocated to essential development projects in water, sanitation, health, food, and energy infrastructure. With the Bank deploying approximately $10 billion annually in development financing, largely directed toward government projects, it brings a deep understanding of regional financial dynamics and development challenges.
“This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions [according to Publish What You Fund’s assessment of sovereign portfolios], 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.”
In response to the digital transformation that has spurred an increase in internet-enabled financial crimes, Interpol’s 2024 Global Financial Fraud Assessment highlights growing threats from business email compromise, romance baiting, phishing, and other online frauds targeting Africa’s digital economy. Addressing this challenge, Secretary General Urquiza, elected in November 2024, noted, “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.”
Looking ahead, the Bank is committed to a series of initiatives designed to reinforce transparency and accountability. These include building capacity to support African countries in establishing robust governance and institutional frameworks, strengthening Know Your Customer and Due Diligence systems to combat fraud and corruption, and ensuring that its resources are utilized as intended, a commitment that has earned it recognition as the most transparent multilateral development bank for two consecutive editions by Publish What You Fund.
The high-level Interpol delegation, which accompanied Secretary General Urquiza, included Mr. Silvino Schlickmann, Director of Governance, and Ms. Paule Ouedraogo, Head of Interpol’s Regional Bureau. The Bank’s representation featured senior members from President Adesina’s management team, including Ms. Paula da Costa, Director of the Office of Integrity and Anti-Corruption.
This landmark agreement is expected to significantly enhance the continent’s capacity to mitigate financial crime risks and safeguard critical development resources for the benefit of millions across Africa.
