The Financial Anti-Terrorism Act was passed on October 17, 2001. The Financial Anti-Terrorism Act provides the Federal Bureau of Investigation (FBI) with the tools needed to control, monitor, investigate and prosecute the financial supporters of terrorism. The Financial Anti-Terrorism Act specified the procedures needed to obtain federal subpoenas for records of funds in correspondent bank accounts. It also gave federal jurisdiction over foreign money and money launderers using foreign banks. This Act required banks and financial institutions to form an anti-money laundering program.
On October 26, 2001, President George W. Bush signed the Patriot Act into effect combining the... [continues]
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