Interpol Secretary General Valdecy Urquiza and AfDB President Dr. Akinwumi Adesina signed a Letter of Intent last week while visiting the Bank's headquarters in Abidjan. The first multilateral development bank to form this kind of partnership with Interpol is the Bank Group.
The relationship will improve cooperation between the Financial Crime and Anti-Corruption Center of Interpol and the Bank's Office of Integrity and Anti-Corruption. It will concentrate on exchanging knowledge, improving investigative skills, and creating defenses against new threats from financial crime, such as cybercrime, anti-corruption initiatives, and financing of terrorism.
This project comes at a time when illicit financial flows are a major problem in Africa, costing the continent an estimated $90 billion a year. This money could be used to fund infrastructure for vital development needs including food, energy, water, sanitation, and health.
The African Development Bank Group is an organization that provides vital information into regional financial flows and development difficulties, allocating over $10 billion in development money yearly, the majority of which goes to government projects. "Adesina said.
This project comes at a time when illicit financial flows are a major problem in Africa, costing the continent an estimated $90 billion a year. This money could be used to fund infrastructure for vital development needs including food, energy, water, sanitation, and health.
The African Development Bank Group is an organization that provides vital information into regional financial flows and development difficulties, allocating over $10 billion in development money yearly, the majority of which goes to government projects. "Adesina said.
Dr. Akinwumi Adesina, president of the African Development Bank Group, stated, "We maintain zero tolerance for corruption and terrorism financing, as we have been the world's most transparent financial institution for two consecutive years [based on Publish What You Fund's assessment of sovereign portfolios]."
"Our dedication to safeguarding development resources and making sure they reach their intended beneficiaries is demonstrated by this partnership," Adesina added. "We maintain zero tolerance for corruption and terrorism financing, having been named the most transparent financial institution in the world for two consecutive editions [based on Publish What You Fund's evaluation of sovereign portfolios]." By collaborating with Interpol, we are enhancing our ability to support African nations in establishing strong anti-money laundering and anti-financial crime frameworks.
Financial crimes made possible by the internet have also increased as a result of the rapid improvements in digital technology. Africa's digitalized economy is increasingly at risk from online scams like as phishing, romance baiting, and business email compromise, according to Interpol's 2024 Global Financial Fraud Assessment.
"Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world," stated Secretary General Urquiza, who was elected in November 2024. Strong collaborations between law enforcement and financial institutions are necessary due to the dynamic nature of financial crime, especially in the digital sphere. Law enforcement organizations and financial institutions throughout Africa will be better equipped to combat the increasingly complex risks of financial crime thanks to Interpol's stronger partnership with the African Development Bank Group.
Valdecy Urquiza, the secretary general of Interpol, stated that financial crime and corruption are two of the largest barriers to social and economic advancement in Africa and globally.
According to Adesina, the Bank will keep addressing these issues by:
enhancing capacity and assisting African nations in fortifying strong institutions that can promote inclusive, sustainable growth and resilient economies, as well as transparent and accountable governance.
According to Adesina, the Bank will keep addressing these issues by:
enhancing capacity and assisting African nations in fortifying strong institutions that can promote inclusive, sustainable growth and resilient economies, as well as transparent and accountable governance.
To avoid and combat corruption and fraud, Know Your Customer and Due Diligence processes should be strengthened.
As a result of making sure that the Bank's resources are used for their intended goals in a responsible and transparent manner, Publish What You Fund has named the Bank the world's most transparent multilateral development bank for two consecutive editions.
Ms. Paule Ouedraogo, the head of Interpol's regional bureau, and Mr. Silvino Schlickmann, the director of governance, were part of the high-level Interpol team that accompanied Secretary General Urquiza.
Members of President Adesina's top management team, including Ms. Paula da Costa, the director of the Office of Integrity and Anti-Corruption, represented the African Development Bank Group (1st left).
Members of President Adesina's senior management staff, including Ms. Paula da Costa, director of the Office of Integrity and Anti-Corruption, represented the African Development Bank Group.
Members of President Adesina's top management team, including Ms. Paula da Costa, the director of the Office of Integrity and Anti-Corruption, represented the African Development Bank Group (1st left).
Members of President Adesina's senior management staff, including Ms. Paula da Costa, director of the Office of Integrity and Anti-Corruption, represented the African Development Bank Group.