Pretoria — Former Education Minister Kader Asmal has been selected to serve as President of the Financial Action Task Force (FATF), which battles international money laundering and terrorist financing.

Government Spokesperson Joel Netshitenzhe made this announcement following a Cabinet meeting in Pretoria today.

"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 Mr Netshitenzhe.

The OECD, based in France, is an international organisation helping governments tackle the economic, social and governance challenges of a globalised economy.

Professor 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.