All professional accountants in Bermuda have been brought into a single umbrella organisation as part of the island’s effort to meet relevant international standards.

The change came about after members of the Chartered Professional Accountants of Bermuda voted unanimously at a special general meeting in favour of it.

It means that resident individuals holding accounting designations who are not part of current Mutual Recognition Agreements, Reciprocal Membership Agreement and Memoranda of Understanding with CPA Canada will join the CPA Bermuda organisation.

“These designations include, but are not limited to, the ACCA and Philippine designations,” CPA Bermuda said in a statement.

“CPA Bermuda is very pleased to welcome these individuals as CPA Bermuda members who upon membership, can use their home designation in the Bermuda market.

“This change will serve as reinforcement of Bermuda’s Anti Money-Laundering/Anti Terrorism-Financing framework to ensure compliance with the relevant international standards on island by bringing all professional accountants under one regulatory umbrella and thus it will now be compulsory for all resident professional accountants to be members of CPA Bermuda.

“The broadening of its membership base will serve to strengthen CPA Bermuda’s collective voice for the accounting profession locally, enabling better access to the profession for Bermudians providing professional recognition, information and advice, networking opportunities and continuing professional development.”