caleb m fundanga : integrity and professionalism in finance, industry and business keynote speech by dr caleb m fundanga, governor of the bank of zambia, at the acca professionalism and ethics event for employers, lusaka, 7 november 2007. * * * • the chairman • mr sundeep takwani, acca head of ethics and regulation – professional standards • mr chintu mulendema, zica president • senior government officials • heads of corporates • all protocols observed • distinguished ladies and gentlemen i am honoured to stand before you to discuss the matter of “ integrity and professionalism in finance, industry and business ”. i commend acca zambia for organising this forum which allows us to discuss matters which have long been considered of primary importance in the financial sector. i am certain that the importance of this subject extends beyond the financial sector to all sectors of the economy. mr chairman, this event, the first in the series of acca professionalism and ethics events to be held in zambia coincides with the launch of the acca new professional qualification, which will be first examined in december 2007. named the acca qualification, it will build on the success of the current professional scheme, which has become the world ’ s fastestgrowing international accounting qualification. mr chairman, the new acca qualification is designed to provide accounting knowledge skills and professional values which will deliver finance professionals who are capable of building successful careers across all sectors, whether they are working in the public or private sectors, practising in accounting firms or pursuing a career in business. acca has designed a qualification which embeds the global accounting education standards set by the international federation of accountants ( ifac ). there is a strong focus on professional values, ethics and governance. these skills are essential as the profession moves towards strengthened codes of conduct, regulation and legislation with an increasing focus on professionalism and ethics in accounting. they will be examined at the highest level in the new acca qualification, and will be a core element of students ’ practical experience requirements. mr chairman, allow me now to dwell on the main theme of our discussion this evening. going through the literature one finds it difficult to obtain explicit definitions as regards the concepts of “ integrity ” and “ professionalism ”. however, the associated behaviours and characteristics of the two concepts are fairly unproblematic. in this regard, behaviours associated with “ integrity ” include honesty, sincerity, truthfulness, punctuality, ethics

both online and offline. that said, however, the legitimate demand for paper cash as a means of fully anonymous payments will be met at all times. it is also important to keep in mind that anonymity and full disclosure are not as simple as black and white. there are many subtleties in between. therefore, we must strike a delicate balance between protecting privacy and combating illicit activities. 1 / 2 bis - central bankers'speeches right now, we are working together with the hkma and some other monetary authorities on cbdc. we hope such cooperation will better serve both global and domestic investors and help to enhance hong kong's role as an international financial center. looking ahead, we stand ready to deepen cooperation on cbdc with other monetary authorities as well as international institutions. thank you! 2 / 2 bis - central bankers'speeches