IBA and IFAC unite to fight global money laundering

The International Bar Association and the International Federation of Accountants have joined forces to help professional organizations fight financial crimes through a new anti-money laundering program.

More than 70 representatives from legal and accounting groups across 22 Caribbean nations gathered in the Cayman Islands for a three-day pilot workshop before the bar association’s annual meeting in Toronto from Nov. 2-7. The event featured panel discussions and group sessions designed to strengthen national systems for preventing money laundering while helping professional bodies better train their members on compliance requirements. The Financial Action Task Force, an independent intergovernmental organization that sets anti-money laundering standards, backed the program along with its Caribbean affiliate.

Steven Richman, who chairs the Bar Issues Commission, said the partnership highlights how accountants and attorneys contribute to protecting financial system integrity worldwide. The program arrives as British solicitors adapt to regulatory changes announced last week that shift anti-money laundering enforcement from the Solicitors Regulation Authority to the Financial Conduct Authority. Law Society of England and Wales president Mark Evans expressed concerns about implementation costs and regulatory burdens that could affect the legal services sector’s global competitiveness.

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