UK Chancellor of the Exchequer, Gordon Brown last week announced that he has appointed James Sassoon to act as President of the Financial Action Task Force (FATF) for a 12-month period, beginning July 2007.
The UK will hold the Presidency from July 2007 - June 2008.
Mr Sassoon is currently the Chancellor and the Treasury's Representative for Promotion of the City, a part-time role in which he will continue.
Commenting on the appointment, the Chancellor explained that:
"Financial measures provide a critical bulwark against crime and terrorism. In an increasingly global world, we must ensure that the financial challenge to crime is global. There must be no hiding places for those who profit from organised crime or fund terrorist activities."
"The Financial Action Task Force is central to this aim and I am delighted that James Sassoon has agreed to act as President in pursuit of greater cooperation at the international level to identify and tackle the most serious financial threats to international security."
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