IFAC endorses Forum’s fight against financial crime

The International Federation of Accountants (IFAC) has publicly endorsed the World Economic Forum’s (the Forum) Unifying Framework as part of its fight against global financial crime.

As part of the report, the Forum is promoting the work done by accountants, bankers and lawyers who work to stop or interrupt financial crime, specifically money laundering, illicit financial flows, and corruption.

IFAC’s endorsement is part of its endeavour to “inspire other gatekeeper professionals” to adopt ethical frameworks which align with the International Ethics Standards Board for Accountants (IESBA).

IESBA’s International Code of Ethics for Professional Accountants, known as the Code, is considered to be the “gold standard” for ethical behavior in the financial services industry.

Kevin Dancey, CEO of IFAC, said: “This new report by the Forum is broadly aligned with the long-standing principles of the Code, which governs the conduct of approximately three million professional accountants, defined as those who are members of one of the 180 professional accountancy organizations (PAOs) around the world recognized by IFAC.

“We encourage other gatekeeper professions across all sectors to look to the Code as a model.”