What is the Patriot Act and how does it relate to the battle against money laundering?
On October 26, 2001, President Bush signed into law the USA PATRIOT Act of 2001 (the “Patriot Act”) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 as a reaction to the terrorist attacks of September 11. The broadly reaching law was designed to further enable the government and its various agencies to prevent, detect and prosecute international money launders, terrorists and the financing of terrorism. In an effort to accomplish these goals, the law contains provisions on the search and seizure of assets, money laundering, foreign asset control and immigration. The Patriot Acts main instrument to battle money laundering is the International Money Laundering Abatement and Anti-Terrorist Funding Act (the “IMLA Act”) found under Title III. This significant provision enhances previously enacted anti-money laundering laws in effort to make it more difficult for criminals to use U.S. financial institutions as a conduit
