The African Development Bank (AfDB) Group has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol).
According to a press release, the Bank Group is the first Multilateral Development Bank (MDB) to establish such a collaboration with Interpol.
The Letter of Intent was signed by AfDB’s President, Dr. Akinwumi Adesina and Interpol Secretary General, Valdecy Urquiza, who visited the bank’s headquarters in Abidjan.
The statement said: “The partnership will enhance collaboration between the Bank’s Office of Integrity and AntiCorruption 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.”
