For Press

27/05/2016

AIFC signed a Memorandum of Understanding with the Institute of Chartered Accountants in England and Wales

Astana International Financial Centre (AIFC) and the Institute of Chartered Accountants in England and Wales (ICAEW) signed a Memorandum of Understanding on financial education, professional training and qualification of specialists, as well as promotion of professional standards in finance and business in Kazakhstan.

The Memorandum of Understanding was signed by Kairat Kelimbetov, the Governor of the AIFC, and Robert Hodgkinson, Executive Director of ICAEW, in the presence of Dr. Carolyn Browne, Ambassador of the United Kingdom to Kazakhstan.

The Memorandum suggests the development of joint educational programmes in auditing and finance for improvement of the financial sector staff. Cooperation includes providing technical support, assistance in development and accreditation of international professional qualifications in finance, as well as promotion of professional standards.

As Robert Hodgkinson noted, "ICAEW is actively contributing to the development of the best practices in the financial education in the UK and the improvement of international professional audit standards. It is an honour for us to work with the AIFC’s Governor and his team". In his opinion, as the AIFC aims to become one of the 30 leading international financial centers by 2050, it needs to promote best practices in all areas of professional financial services in order to attract foreign investment, create an open banking sector and improve insurance and the Islamic finance market. "ICAEW is ready to actively participate in partnership with the AIFC and assist Kazakhstan in achieving this goal," he said.

Kairat Kelimbetov noted that the AIFC studies the experience of leading financial centers and is interested in cooperation with British partners. "We believe that the Memorandum signed with ICAEW, an institution with a rich history, will contribute to the implementation of the tasks assigned to AIFC," he said.

Ashley Clarke, Partner, Chief Operating Officer, Head of Audit in KPMG in Kazakhstan said, "At KPMG we believe that continuous professional development of our employees is fundamental to ensuring the best quality of service to our customers. In addition to the existing local certifications, we think that international qualifications and professional training are extremely useful tools because they allow our specialists to get knowledge of the best practices in the world in a structured manner, and provide an opportunity to obtain internationally recognized qualifications”.

 

Reference:

AIFC. In December 2015 President of the Republic of Kazakhstan NursultanNazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in post-Soviet region Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

 The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.

ICAEW is a world leading professional membership organisation that promotes, develops and supports more than 147,000 members worldwide. We provide our members with knowledge and guidance, and ensure ICAEW Chartered Accountants are meeting the highest ethical and technical standards. As financial experts we act in the public interest offering insights into business and the economy that help to shape government policy and regulation.