The companies signed a letter of intent described by the bank as a significant step forward in its fight against corruption and financial crime.
As a multilateral development bank, AfDB aims to improve the collaboration between its Office of Integrity and Anti-Corruption (PIAC) and INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC). The partnership focuses on sharing expertise, improving investigative capabilities, and developing preventative measures against emerging financial crime threats.
The agreement comes at a time when Africa faces challenges of illicit financial flows, estimated at nearly USD 90 million annually. This loss of resources could otherwise be invested in critical development needs such as water, sanitation, health, food, and energy infrastructure.
According to INTERPOL’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing and other online fraud schemes are a growing concern in Africa due to the rapid advancement of digital technology. These trends are significant obstacles to economic and social development not only in Africa but worldwide. INTERPOL’s relationship with the AfDB aims to help law enforcement agencies and financial institutions across Africa tackle increasingly advanced crime threats.
The partnership highlights both companies’ commitment to protect development resources and ensure they reach the intended beneficiaries. AfDB notes that it maintains zero tolerance for corruption and terrorism financing, and this collaboration reinforces its mission to help African countries build better systems against money laundering and crime.
According to Temenos, Africa is the most vulnerable and currently the most affected by financial crime in comparison to any other continent. The rise of digital banking has led to increased cyber fraud, with many institutions struggling to implement effective security measures.
Regulatory frameworks are evolving, but many African banks still face difficulties in complying with AML requirements. Limited cooperation between regulators and institutions is a significant disadvantage, making it difficult to combat financial crime.
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