IFAC's Points of View

Fighting Corruption and Money Laundering

The consequences of corruption are significant and widespread, from direct costs to individuals and society, to encouraging criminal behavior and undermining trust in institutions. Grounded in a strong ethical code, professional accountants across the globe play a critical role in the fight against corruption, bringing essential transparency, relevance and integrity to the systems that underpin vibrant economies and making corruption less profitable and easier to prevent, detect and remedy.  IFAC’s advocacy in this space reflects our strongly-held belief that serving the public interest by fighting corruption, including money laundering, is central to the accountancy profession’s activities.

 

1. G20’s Anti-Corruption Action Plan

IFAC supports the G20's Anti-Corruption Action Plan 2019-2021 (Action Plan), which we use as a framework for our anti-corruption advocacy. 

  • We agree with the Action Plan that preventing and fighting corruption is critical in building national and global economic prosperity, and that no country is immune. 
  • We also support UN SDG 16 Peace and Justice: Strong Institutions, with emphases on Target 16.5: substantially reduce corruption and bribery in all their forms, and Target 16.6: develop effective, accountable and transparent institutions at all levels.
  • We believe that the accountancy profession can and must advance the Action Plan and can have the greatest impact in the areas of anti-money laundering, whistleblowing, public sector transparency and private sector transparency.
  • We welcome the G20’s intention to strengthen engagement with the business community in implementing the Action Plan, and IFAC is committed to engaging with the G20 to achieve these goals.  We look to hold global policy makers accountable for progress on implementing their commitments and encourage our member Professional Accounting Organizations (PAOs) to do the same with respect to their domestic policy makers. 

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