Asmal heads anti-terror cash body
Candace Freeman
8 October 2004
Former Education Minister Kader Asmal has been selected to serve as president of the Financial Action Task Force (FATF), the world body leading the fight against money laundering and terrorist financing.
Government spokesperson Joel Netshitenzhe made the announcement following a Cabinet meeting in Pretoria on Wednesday.
"Cabinet has accepted a request for South Africa to assume the position of Presidency of the FATF, an independent international body with de facto responsibility for setting standards against money laundering and terrorist financing", Netshitenzhe said.
To reduce the vulnerability of the international financial system to misuse by criminals, the FATF is also involved in identifying and examining weaknesses in the anti-money laundering programmes of certain jurisdictions.
The secretariat of the FATF is housed at the Organisation for Economic Cooperation and Development (OECD). The OECD, based in France, is an
international organisation helping governments tackle the economic, social and governance challenges of a globalised economy.
Asmal has been selected to hold the position of presidency from July 2005 to June 2006.
Source: BuaNews
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