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 broad variety of ways with respect to terrorism, forfeiture, money laundering and OFC compliance. The USA PATRIOT Act introduces a number of “firsts” with respect to policy and law, amending former legislation like the Bank Secrecy Act (BSA) and creating new provisions with respect to the above topics. Title III of the USA PATRIOT Act is the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001,(IMLAFA) an Act that includes three subtitles pertaining to: International Counter Money Laundering and Related Measures; Bank Secrecy Act Amendments and Related Improvements; ...