The formal agreement sets out a transparent framework by which the two charity regulators will co-operate and collaborate to uphold the integrity of charitable organisations and charitable trusts in Ireland and Northern Ireland.

Helen Martin, chief executive of the Charities Regulator, said the enhanced cooperation and collaboration enabled by the MoU would serve to further strengthen existing links between the parties and support their shared objective of a vibrant and trusted charity sector across the island of Ireland.

Frances McCandless, chief executive of the Charity Commission for Northern Ireland, added: “Charities play such an important role in our society, and vital to the operations and success of each and every charity is the public’s trust and confidence in them.

“This agreement not only underpins the existing close working relationship between the two regulators, but also demonstrates our commitment to building a robust, supportive and collaborative regulatory environment in which charities can thrive, backed by the public’s trust in them.”

Under the terms of the memorandum, the two organisations may share information or provide assistance for the purpose of the performance of their statutory functions.

The agreement also aims to facilitate and provide safeguards for the effective investigation and information exchange to help in the prevention, detection and remedy of misconduct or mismanagement in the administration of charities and charitable funds.