July 19, 2018
Published: The Accountant
The International Federation of Accountants (IFAC) and the International Bar Association (IBA) have signed an Anti-Corruption Mandate.
Collaboration on the Mandate is a joint effort of the two organisations to help fight corruption, bribery, tax evasion, money laundering, and the financing of international terrorism.
It comes ahead of a gathering of the G20 finance ministers and central bank governors in Buenos Aires, Argentina, later this year to highlight the role of business and government in safeguarding a transparent future.
IFAC CEO Fayezul Choudhury said: “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.
“We are proud to partner with the IBA to highlight and advance the role of our global professions in serving the public interest now and in the future.”
According to the International Monetary Fund, Bribery costs the global economy almost $2tn, which is approximately 2% of global GDP. The IBA said the presence of professional accountancy organisations ‘advance the adoption of ethical, educational, investigation and discipline requirements that are central to the profession’.
Research conducted by IFAC has shown there is a link between the percentage of professional accountants in the workforce and higher scores on the main global measure of corruption.
IBA executive director Mark Ellis said: “Corruption is a significant impediment to economic stability and development, tarnishing public trust in institutions and inhibiting citizens’ access to opportunities and prosperity.
“The IBA cross-sector collaboration aims to reinforce the role and responsibility of international professions to tackle corruption.”