Developments of Note
The International Money Laundering Abatement & Financial Anti-Terrorism Act is Enacted as Title III of the USA PATRIOT ACT of 2001
General
H.R. 3162, the USA PATRIOT Act of 2001, which President Bush signed into law on October 26, 2001, is omnibus legislation that enhances the powers of domestic law enforcement organizations, reforms the immigration laws, and makes numerous other changes aimed at countering the international terrorist threat to the security of the United States. Title III of the legislation, the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, (the "Act"), is the portion of the legislation that most directly affects the financial services industry. It is intended to enhance the federal government’s ability to fight money laundering by monitoring currency transactions and suspicious financial activities. The Act is designed to deny terrorists and their financial backers, as well as others, the ability to obtain
