The African Development Bank Group (AfDB) has partner with the International Criminal Police Organisation (Interpol) to fight against corruption and financial crime in Africa.
According to a statement, the agreement was reached at the bank’s Headquarters in Abidjan, by the group president, Akinwumi Adesina, and Valdecy Urquiza, Interpol Secretary-General.
The bank said the partnership would enhance collaboration between the AfDB’s office of integrity and anti-corruption, and Interpol’s financial crime and anti-corruption centre.
“It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing”.
“This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.”
Speaking on the deal, Adesina said the partnership demonstrates AfDB’s commitment to protecting development resources and ensuring they reach their intended beneficiaries.
“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.”
However, Urquiza stressed the need for strong collaboration between law enforcement and financial institutions.
According to the secretary-general, 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.”
In addition, Adesina reaffirmed the bank’s commitment to combating financial crime by supporting African nations in strengthening governance, enhancing know your customer (KYC) and due diligence systems, and ensuring transparent use of resources for sustainable growth.
