The USA PATRIOT Act: statutory analysis and regulatory implementation

Abstract

Analyses specific sections of the 2001 Act as they concern powers over financial services. Includes Section 311: Special Measures Involving Foreign Jurisdictions, Financial Institutions, Transactions and Accounts of Primary Money Laundering Concerns; Section 312: Special Due Diligence for Correspondent and Private Banking Accounts; Section 313: Correspondent Accounts with Private Shell Banks; Sections 319 (b) and 319 (c): Review of Account Records of Related Anti‐Money Laundering Compliance; Section 325: Concentration Accounts; Section 326(a): Verifying Identity of New Account Holders; Section 319(a): Forfeiture of Funds in US Interbank Accounts; Section 319(d): Repatriation of Property; Section 320: Forfeitable Property; Section 316: Contesting Confiscation; Section 322: Corporations Represented by a Fugitive; Section 323: Enforcement of Foreign Judgments; Section 317: Long Arm Jurisdiction; Section 314: Cooperative Efforts to Deter Money Laundering; Section 351: Voluntary Disclosures to Governmental Entities; Section 355: Written Employment References; Section 317: Report on Suspicious Financial Activities; Section 358: Reports to Intelligence Agencies; Section 330: International Investigations; Section 327: Anti‐Money Laundering Record; Section 352: Anti‐Money Laundering Programmes; Section 321: New Entities Subject to the Bank Secrecy Act and a New Regulator; Section 318: Foreign Banks; Section 356: Securities Industry; Section 318: Money Transmission Business; Section 373: Money Transmitting; Section 357: Transferring IRS Responsibilities; Section 365: Currency Transaction Reporting Requirements for All Trades or Businesses; Section 328: International Wire Transfers; Section 366: Exemptions from Currency Transaction Report System; Section 353: Targeting Orders; Section 354: Anti‐Money Laundering Strategy; Section 360: International Lending through International Institutions; Section 361: FinCEN; Section 362: Use of Highly Secured Networks; Section 364: Uniform Protection for Federal Reserve Facilities. Concludes with penalties under the money laundering laws.

Citation

Van Cleef, C.R. (2003), "The USA PATRIOT Act: statutory analysis and regulatory implementation", Journal of Financial Crime, Vol. 11 No. 1, pp. 73-102. https://doi.org/10.1108/13590790410809059