AfDB and INTERPOL join forces to combat financial crime, corruption in Africa

The African Development Bank (AfDB) has partnered with the International Criminal Police Organization (INTERPOL) to enhance efforts in fighting financial crime and corruption across Africa.
The two organizations signed a Letter of Intent last week to strengthen their collaboration in tackling illicit financial flows, cybercrime, and money laundering. This partnership is the first for a multilateral development bank, marking a significant step forward in AfDB’s fight against corruption, a pervasive challenge that costs Africa nearly $90 billion annually, diverting funds that could otherwise support critical development needs.
The partnership will focus on sharing expertise, improving investigative capabilities, and implementing preventive measures against emerging financial crime threats. AfDB president Akinwumi Adesina emphasized the importance of protecting development resources and ensuring they reach their intended beneficiaries, highlighting that the pan-African bank has zero tolerance for corruption and terrorism financing. As part of the collaboration, INTERPOL’s Financial Crime and Anti-Corruption Centre will work alongside AfDB’s Office of Integrity and Anti-Corruption to combat increasingly sophisticated financial crimes.
With the rise of digital banking, Africa is witnessing an increase in cyber-enabled fraud, such as phishing and business email compromise. According to INTERPOL’s 2024 Global Financial Fraud Assessment, these threats pose significant obstacles to Africa’s economic and social development. The new partnership aims to bolster efforts against these growing challenges, offering support to law enforcement and financial institutions in building robust systems to prevent financial crimes across the continent.