The ICPAC and CBA has signed a memorandum of Understanding and Cooperation

The ICPAC and CBA has signed a memorandum of Understanding and Cooperation

The Association of Certified Public Accountants of Cyprus  and the Cyprus Bar Association has signed a memorandum of Understanding and Cooperation to expand and strengthen their relations. In accordance with the provisions of the Memorandum, the two organizations will have regular communication and cooperation on issues related to their supervisory roles and responsibilities, such as:

  1. the Law on the Prevention and Combating of Money Laundering Act 2007 (Law 188 (I) / 2007),
  2. the Law of 2012 on the Regulation of Business Services and Related Issues,
  3. the Insolvency Advisors Laws of 2015,
  4. the Law on the Implementation of the Provisions of the Resolutions or Decisions of the United Nations Security Council (Sanctions) and the Decisions and Regulations of the Council of the European Union (Restrictive Measures) of the Law of 2016.

This agreement aims at strengthening the supervisory control of the two organizations and the frequent exchange of views and information, for the better performance of tasks and duties. At the same time, the Memorandum provides for closer cooperation for the organization of joint actions regarding activities of vocational education, training and certification of their members, exchange of know-how and cooperation in any other projects (such as issues of digital transformation, etc.).

The President of the Cyprus Bar Association, Dr. Christos Clerides, expressed his satisfaction for the signing of the Memorandum with The Association of Certified Public Accountants, pointing out that through this two-way cooperation will lead to positive results. In addition, he noted that the uniform approach to issues of common interest is significantly strengthened. The President of SELK on the other hand, Mr. Dimitris Vakis, pointed out that the Memorandum is a significant progress for both organizations, as both organizations are important pillars of the services sector. He also noted that the memorandum is a fulfillment of a commitment for closer cooperation between the supervisory authorities under the legislation on money laundering.

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