The African Development Bank (AfDB) has announced a strategic partnership with the International Criminal Police Organization (Interpol) to tackle financial crimes, including fraud, money laundering, and illicit financial flows across the continent.

The partnership, unveiled at the AfDB headquarters in Abidjan, Côte d'Ivoire, is aimed at strengthening Africa’s financial systems by improving cross-border intelligence sharing, enhancing law enforcement capabilities, and supporting governments in detecting and prosecuting financial criminals.

AfDB President, Dr. Akinwumi Adesina, emphasized the growing threat of financial crime in Africa, noting that billions of dollars are lost annually due to fraudulent transactions, corruption, and tax evasion.

"Financial crime is a major impediment to Africa’s economic development. It drains resources that could otherwise be used for infrastructure, healthcare, education, and poverty reduction. By partnering with Interpol, we aim to disrupt criminal networks, recover stolen assets, and strengthen financial governance across our member states," Adesina stated.

Interpol Secretary-General, Jürgen Stock, highlighted that the collaboration will focus on leveraging advanced technologies, such as artificial intelligence and blockchain analysis, to track illicit financial flows. He also noted that Interpol will provide specialized training to African law enforcement agencies to enhance their capacity in investigating financial crimes.

Economic analysts have welcomed the initiative, noting that stronger financial crime enforcement could boost investor confidence in African markets. However, some experts have warned that successful implementation will require political will, judicial reforms, and greater transparency in government institutions.

The AfDB and Interpol have pledged to roll out the initiative in phases, beginning with high-risk countries before expanding to cover the entire continent.