Government spokesperson Joel Netshitenzhe made this announcement following a cabinet meeting in Pretoria, earlier this week.
"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," he said.
To reduce the vulnerability of the international financial system to misuse by criminals, the FATF is also involved in examining and identifying the serious and systemic weaknesses in the anti-money laundering programmes of certain jurisdictions.
"The Secretariat for FATF is housed at the Organisation for Economic Cooperation and Development (OECD)," said Netshitenzhe.
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.
Meanwhile, various Bills including the Amendments to the National Small Business Act which provide for the setting up of the Small Enterprise Development Agency (SEDA), a merger between Ntsika and National Manufacturing Advisory Centre were approved for submission to Parliament.
Others were the SA Abattoir Corporation Act Repeal Bill, which confirms the liquidation of Abakor and the Amendments to the Close Corporation Act which provided for issues of liability and accounting officer responsibilities. - BuaNews.
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