The International Bar Association (IBA) and the International Federation of Accountants (IFAC) have today launched a pioneering new initiative aimed at supporting legal and accountancy professional bodies in the fight against money laundering.
This pilot workshop, which is the first in a planned global series of regional AML capacity building events, brings together representatives from the accountancy and legal professions in a shared learning environment designed to help strengthen national AML systems.
The three-day programme, with over 70 delegates from bar associations and professional accountancy bodies from 22 jurisdictions in the Caribbean region and beyond, is being held in the Cayman Islands between October 28-30. It is supported by the Financial Action Task Force (FATF), the global AML standard setter, and CFATF, its regional affiliate, and is being hosted by the Cayman Islands Institute of Professional Accountants (CIIPA) and the Legal Services Supervisory Authority (LSSA), with the sponsorship of the Cayman Islands Ministry of Financial Services.
The workshop agenda, which comprises panel sessions, lectures, and collaborative breakout activities, aims to:
- Enhance the ability of professional bodies to educate and equip their members with relevant AML requirements and expectations;
- Empower professional associations to partner more effectively with key AML stakeholders, including government agencies and financial intelligence units; and
- Support professional bodies in undertaking or preparing for AML supervisory responsibilities where applicable.
Steven Richman, Chair of the IBA’s Bar Issues Commission, commented: ‘This initiative underscores the critical role that the accountancy and legal professions play in combatting money laundering and strengthening the integrity of the global financial system as a whole. Sharing ideas and working together is crucial to stamping out this corrupt practice.’
"IFAC, by connecting and uniting its members, makes the accountancy profession’s contributions to the fight against money laundering truly global. 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," said Scott Hanson, Director of Policy & Global Engagement of IFAC.
Media Contact
For further information or media inquiries, please contact:
- Scott Hanson, Director, IFAC – scotthanson@ifac.org
- Sara Carnegie, International Bar Association – sara.carnegie@int-bar.org
About the International Bar Association (IBA)
The International Bar Association (IBA), the global voice of the legal profession, is the foremost organisation for international legal practitioners, bar associations and law societies. Established in 1947, shortly after the creation of the United Nations, it was born out of the conviction that an organisation made up of the world's bar associations could contribute to global stability and peace through the administration of justice.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.