The Minister of Finance Mr Trevor A Manuel, MP will be hosting a media briefing on 23 June 2005 to announce South Africa's chair of the Financial Action Task Force ("FATF") from 1 July 2005. The Minister will announce the name of the Member of Parliament selected by Cabinet to serve as the Chair of the FATF. South Africa will retain the chair for a year-long period.
The FATF an intergovernmental body based in Paris was established in 1989 in response to growing concern over the threat posed by money laundering to the international financial system. Since 2001 it has developed a set of standards for combating the financing of terrorism (to date forty-nine recommendations have been developed).