Patriot Act & Banking

Barbados, the Bahamas, Bermuda and the Cayman Islands

On October 26, 2001, President Bush signed into law the USA PATRIOT Act (2001). The USA PATRIOT Act is a comprehensive anti-terrorism law that is designed to provide measures for increasing national security, expanding surveillance, simplifying and broadening information sharing, and combating money laundering. The comprehensive legislation than spans more than 160 pages rapidly move through both houses of Congress due to the significant emotional and political support for the legislation in the wake of the terrorist acts of September 11, 2001.

There are Ten Titles included in the USA PATRIOT Act and a review of them demonstrates the different Sections of the Act that pertain to money laundering, forfeiture, terrorism and OFC compliance:

TITLE I Enhancing Domestic Security Against Terrorism

TITLE II Enhanced Surveillance Procedures

TITLE III International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001

TITLE V Removing Obstacles To Investigating Terrorism

TITLE VI Providing For Victims Of Terrorism, Public Safety Officers, And Their Families

TITLE VII Increased Information Sharing For Critical Infrastructure Protection

TITLE VIII Strengthening The Criminal Laws Against Terrorism

The USA PATRIOT Act has altered policy and law in a bro

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t service of legal process for records regarding its correspondents. Section 319 of the Act provides the following that grants increased access to information pertaining to Non-U.S. Banks that maintain U.S. financial institution accounts: Not later than 120 hours after receiving request by an appropriate Federal banking agency for information related to anti-money laundering compliance by a covered financial institution or a customer of such institution, a covered financial institution shall provide...information and account documentation for any account opened, maintained, administered or managed in the U.S. by the covered financial institution. One provision allows the Secretary or the Attorney General access to all records pertaining to any corresponding accounts, "including records maintained outside the U.S. relating to the deposit of funds in foreign bank." Section 203 of the Act provides for expanded use of information for U.S. grand juries pertaining to foreign individuals and expands the Federal Rules of Criminal Procedure and the National Security Act of 1947. Several provisions of the USA Patriot Act expand U.S. jurisdiction of U.S. courts over non-U.S. individuals, their accounts and/or additional asse

Category: Government - P