On 28 October 2025, the International Bar Association (IBA) and the International Federation of Accountants (IFAC) launched a pioneering new initiative aimed at supporting legal and accountancy professional bodies in the fight against money laundering.

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.

The first in a planned global series of regional anti-money laundering (AML) capacity-building events, this pilot workshop, comprising panel sessions, lectures and collaborative breakout activities, aims to:

• provide a shared learning environment designed to help strengthen national AML systems;
• 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.

The initiative is supported by the independent inter-governmental body and AML standard setter, the Financial Action Task Force (FATF), and the Caribbean FATF, its regional affiliate. Hosting the workshop are the Cayman Islands Institute of Professional Accountants (CIIPA) and the Cayman Legal Services Supervisory Authority (LSSA), with the sponsorship of the Cayman Islands’ government Ministry of Financial Services & Commerce.

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.’

Scott Hanson, Director of Policy & Global Engagement of IFAC, said: ‘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.’

ENDS

For further information or media inquiries, please contact:

• Scott Hanson, Director, IFAC – scotthanson@ifac.org
• Sara Carnegie, LPRU Director, IBA – sara.carnegie@int-bar.org

Notes to the reader:

1. 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.

2. About the International Federation of Accountants (IFAC)
   

   The International Federation of Accountants (IFAC) is the global organisation for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC supports the development, adoption, and implementation of high-quality international standards, working to prepare a future-ready accountancy profession.

3. Find the IBA on social media here:

   • www.x.com/IBAnews
   • www.x.com/IBAevents
   • bsky.app/profile/ibanews.bsky.social
   • www.facebook.com/internationalbarassociation
   • www.linkedin.com/company/international-bar-association

For further information, please contact:

Press Office
International Bar Association
Chancery House
53-64 Chancery Lane
London, WC2A 1QS
United Kingdom

Mobile: +44 (0)7940 731 915
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Email: IBApressoffice@int-bar.org
Website: www.ibanet.org

Website page link for this news release:
Short link: tinyurl.com/5cs59k94
Full link: www.ibanet.org/Legal-and-accountancy-global-bodies-partner-to-fight-money-laundering-in-pioneering-new-initiative