The African Development Bank Group has taken a major step in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organisation, Interpol. This collaboration marks the first time a multilateral development bank has partnered with Interpol to enhance efforts against financial crimes.
The agreement was signed by Dr. Akinwumi Adesina, President of the African Development Bank Group, and Valdecy Urquiza, Interpol Secretary-General, at the bank’s headquarters in Abidjan. Through this partnership, the bank’s Office of Integrity and Anti-Corruption will work closely with Interpol’s Financial Crime and Anti-Corruption Centre to strengthen cooperation in tackling financial crimes.
The collaboration focuses on sharing expertise, improving investigative capabilities, and developing preventive measures against emerging threats such as cybercrime, corruption, and terrorism financing. Dr. Adesina emphasized that this partnership reflects the bank’s commitment to safeguarding development resources and ensuring they reach their intended beneficiaries. He also highlighted that the African Development Bank has been ranked the world’s most transparent financial institution for two consecutive editions according to Publish What You Fund’s assessment of sovereign portfolios.
A recent report from Interpol’s 2024 Global Financial Fraud Assessment outlines growing threats to Africa’s digitalized economy, including business email compromise, romance scams, phishing, and other online fraud schemes.
Valdecy Urquiza, who was elected Secretary-General in November 2024, stressed that corruption and financial crime are among the biggest challenges to economic and social development in Africa and across the world. He noted that the evolving nature of financial crime, especially in the digital space, requires strong collaboration between law enforcement agencies and financial institutions. He believes this partnership with the African Development Bank Group will provide better support for law enforcement agencies and financial institutions across Africa in addressing these challenges.
Dr. Adesina reiterated the bank’s commitment to addressing these threats by building capacity and helping African nations establish transparent governance, strong institutions, and resilient economies. He also pointed out the importance of improving Know Your Customer and Due Diligence systems to combat fraud and corruption effectively.
Meanwhile, the race for the presidency of the African Development Bank has officially begun following the release of the list of candidates vying for the position. Each contender brings a distinct background and vision, setting the stage for a highly competitive election.
The upcoming vote, scheduled for May 29, will determine who succeeds Dr. Akinwumi Adesina, who has led the institution since 2015. His tenure has been marked by significant reforms and efforts to navigate challenging global economic conditions.
