Canada will take on the presidency of the anti-money laundering group of the Financial Action Task Force, in 2006.

Minister of Finance Ralph Goodale announced the government of Canada has agreed to take on the presidency of the FATF for a 12-month period beginning July 2006. The announcement was made Friday in Singapore as part of the FATF’s annual Plenary Meeting. Frank Swedlove, assistant deputy minister of the Financial Sector Policy Branch at the Department of Finance Canada, will act as the FATF president during this period.

“Canada plays a leading role in the fight against money laundering and terrorist financing,” says Minister Goodale. “Canada is committed to maintaining a strong and viable anti-money laundering and anti-terrorist financing regime.”

The FATF was established by the G-7 group of nations in 1989 in response to mounting concerns about the growth of money laundering. In 2001, its mandate was expanded to include terrorist financing. The Task Force examines money laundering and terrorist financing techniques and trends, reviews national and international policy efforts and recommends additional measures for action.