The International Federation of Accountants is partnering with the International Bar Association on a new initiative to combat money laundering, while separately signing a memorandum of understanding with other global organizations on ways to improve public sector auditing.
The initiative with the International Bar Association aims to support legal and accounting professional bodies in fighting against money laundering, starting with a pilot workshop that’s being held this week in the Cayman Islands, a locale often associated with tax shelters. The workshop is the first in a planned global series of regional anti-money laundering capacity-building events, bringing together representatives from the accounting and legal professions in a learning environment to help strengthen national AML systems.
The three-day program attracted over 70 delegates from bar associations and professional accounting bodies from 22 jurisdictions in the Caribbean region and beyond. The event is being held in the Cayman Islands between Oct. 28-30. It’s supported by the Financial Action Task Force, a global AML standard setter, and CFATF, its regional affiliate, and is being hosted by the Cayman Islands Institute of Professional Accountants and the Legal Services Supervisory Authority, with the sponsorship of the Cayman Islands Ministry of Financial Services.`
“IFAC, by connecting and uniting its members, makes the accountancy profession’s contributions to the fight against money laundering truly global,” said Scott Hanson, director of policy and global engagement of IFAC, in a statement Wednesday. “Through our partnership with the FATF and IBA, we aim to equip our member professional bodies with the tools and networks they need to be AML leaders in their jurisdictions.”
Separately, IFAC, the International Organization of Supreme Audit Institutions and the INTOSAI Development Initiative have signed a memorandum of understanding at the XXV INCOSAI meeting in Sharm El Sheikh, Egypt, formalizing collaboration between the three organizations to enhance the quality of public sector auditing and strengthen transparency and accountability in government activities. The agreement reflects a shared commitment to strengthen public financial management, promote high-quality international standards, and build capacity within Supreme Audit Institutions and the broader accountability profession.
Under the MoU, IFAC, INTOSAI and IDI plan to collaborate on issues of mutual interest to promote sound public financial management, support each other’s efforts to promote the adoption and implementation of their standards, and foster partnerships between INTOSAI and IFAC members to strengthen public sector accountancy and audit capacity. They agreed to exchange relevant knowledge, experience and best practices; and explore opportunities to convene or contribute to joint events, forums and dialogues to advance shared objectives and engage stakeholders. They will also cooperate in engagements with donors and development partners to leverage synergies in capacity-building projects that support all three parties’ objectives; and promote relevant initiatives and publications.
“This MoU is a milestone in our ongoing collaboration with INTOSAI and IDI,” said IFAC CEO Lee White in a statement Tuesday. “Public sector accountability is fundamental to trust in government and citizens’ confidence in how public resources are managed. Together, we are reinforcing the bridge between the accountancy profession and Supreme Audit Institutions to strengthen integrity, transparency, and the quality of public sector reporting and assurance globally.”
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