Strengthening Financial Security in Africa
The African Development Bank Group (AfDB) has partnered with Interpol to curb illicit financial flows across Africa, which amount to an estimated $90 billion annually. This collaboration aims to strengthen financial integrity and prevent resources from being diverted away from critical development projects.
A Formal Commitment to Combat Financial Crimes
AfDB President Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza formalized this partnership by signing a Letter of Intent. The signing took place on Wednesday, followed by Urquiza’s visit to AfDB’s headquarters in Abidjan on Thursday.
Adesina emphasized the bank’s commitment to transparency, noting that AfDB has been ranked the world’s most transparent financial institution for two consecutive years. He stressed that corruption and terrorism financing are unacceptable, and partnering with Interpol will help African nations build stronger defenses against financial crimes.
Enhancing Collaboration and Investigations
The partnership will facilitate greater coordination between AfDB’s Office of Integrity and Anti-Corruption and Interpol’s Financial Crime and Anti-Corruption Centre. This effort will focus on sharing expertise, improving investigative capabilities, and developing preventive measures to counter emerging financial threats, such as cybercrime, fraud, and money laundering.
Addressing Africa’s Growing Financial Threats
Illicit financial flows deprive Africa of essential resources that could otherwise fund health, education, energy, and infrastructure. Additionally, the rise of digital technology has fueled internet-enabled financial crimes. Interpol’s 2024 Global Financial Fraud Assessment highlights growing threats such as phishing, business email compromise, and online fraud schemes.
Urquiza emphasized that financial crime and corruption remain major barriers to economic and social development. He pointed out that criminals continuously adapt their methods, making strong partnerships between law enforcement and financial institutions critical in tackling these evolving threats.
A Unified Effort for a Secure Financial Future
By working together, AfDB and Interpol aim to safeguard Africa’s financial systems and ensure that development funds reach their intended beneficiaries. This strategic alliance is a step toward reducing financial crime and fostering economic stability across the continent.
