IBA and IFAC announce Memorandum of Understanding between global bodies for the legal and accounting professions
May 31, 2023
On May 31, 2023, the International Bar Association (IBA) and the International Federation of Accountants (IFAC) have announced a Memorandum of Understanding (MoU) that formalizes and demonstrates a commitment to closer cooperation between the two organizations and the legal and accountancy professions.
This MoU provides a framework for expanding the cooperation between the IBA and IFAC, with a particular focus on anti-corruption and how the professions can work more closely together in the fight against money-laundering and economic crime., with key stakeholders such as the United Nations and Financial Action Task Force. Other areas of cooperation include maintaining the reputations and integrity of the accountancy and legal professions; ensuring that initiatives to regulate both professions are proportionate and fit-for-purpose; and enhancing the strength of the IBA and IFAC’s collective voice on global policy issues so that the legal and accountancy professions are in the best position to serve the public interest.
Access the news release on the IFAC website.