Michell, who heads the Financial Intelligence Centre (FIC), was announced as the new chairman during the 21st Egmont Plenary meeting held in South Africa and hosted by the FIC from 1 - 5 July.
The FIC collects and analyses data sourced from reports submitted by accountable and reporting institutions and where necessary, the FIC provides this analysis to the law enforcement authorities and the South African Revenue Service for further follow up.
The Egmont Group, which was formed in 1995, is an organisation that provides a platform for Financial Intelligence Units (FIUs) to improve the coordination and exchange of financial intelligence and support to national anti-money laundering and anti-terrorist financing programmes.
In accepting his new role, Michell said: "I am honoured to be elected as the Chair of the Egmont Group and shall work to honour the trust you have placed in me.
"There is a huge amount of work to do. But the Egmont Group has built a wonderful platform on which to work. It is important for us to show the relevance of financial intelligence in solving crime and protecting the integrity of the financial system."
The Egmont Plenary drew 380 representatives of FIUs from 107 jurisdictions, along with 15 international organisations, including the Financial Action Task Force (FATF), the International Monetary Fund, the World Bank, Interpol, the UNODC, Wolfsberg Group and others.
The heads of FIU meeting brings together Egmont member-FIUs and observers for in-depth discussions and training sessions.
The representatives discussed ways to meet the challenges faced by FIUs in combating money laundering and terrorist financing, especially in the areas of international co-operation, information sharing and the improved development of financial intelligence.
Addressing the opening of the Plenary, Michell highlighted the important role of the Egmont Group in developing greater understanding of the threats and problems faced within different regional and country contexts, and enhancing the group's capacity to address these better.
"Rhino poaching is an example of high importance to us.
"Greater cooperation and information exchange between Financial Intelligence Units can help to bring this scourge to a halt."
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