{
  "id": "RL31208",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RL31208",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 101050,
      "date": "2001-12-04",
      "retrieved": "2016-05-24T20:18:47.271941",
      "title": "International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, Title III of P.L. 107-56 (USA PATRIOT Act)",
      "summary": "Title III, of the USA PATRIOT Act,  P.L. 107-56  ( H.R. 3162 ), 115 Stat. 272 (2001), the\n\"International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001,\" contains\nthree subtitles that deal with: International Counter Money Laundering and Related Measures; Bank\nSecrecy Act Amendments and Related Improvements; and, Currency Crimes and Protection. It\ncontains a list of 10 findings and 13 purposes, relating the scope of international money laundering\nto the financing of global terrorism and focusing on problems in the international banking system\nthat have facilitated money laundering. Among the purposes of the legislation are: increasing the\nstrength of U.S. measures to prevent, detect, and prosecute international money laundering and the\nfinancing of terrorism, to provide a national mandate for subjecting to special scrutiny foreign\njurisdictions, financial institutions operating outside the United States, and classes of international\ntransactions or types of accounts that pose particular opportunities for criminal abuse, and to ensure\nthat all appropriate elements of the financial services industry are subject to appropriate requirements\nto report potential money laundering transactions to proper authorities.\n  The legislation contains over forty separate sections, each of which is summarized in this\n report. \nSome of them are technical in the sense that they address criminal and civil judicial or administrative\nproceedings; others enhance criminal penalties for various types of financial crimes. Among the\nprovisions that have garnered the most attention are those that affect financial institutions such as\nthe grant of authority to the Secretary of the Treasury to impose special measures, including\nrequiring the closure of certain accounts with foreign banks. To impose these special measures, the\nSecretary must find that a jurisdiction, class of transactions, or institution is of \"primary money\nlaundering concern.\" In addition, there are provisions that specifically address and specify increased\ndue diligence for correspondent accounts, payable-through accounts, and private banking accounts\nfor non-U.S. persons as well as accounts with off-shore or foreign shell banks. There are\nrequirements and standards for increased cooperation by financial institutions in responding to\ngovernment requests for information and new requirements for regulations mandating standards for\nidentifying persons opening accounts. The legislation also requires financial institutions to institute\nanti-money laundering programs, and the Secretary of the Treasury, within 3 months, to issue\nregulations setting minimum requirements. \n  Some of the provisions of the legislation went into effect with the President's signature. Some\nneed no implementing regulations. Much of the legislation, however, requires implementing\nregulations. The full impact, therefore, will emerge over the course of time. By including many\nrequirements for studies and reports, Congress has indicated that it is prepared to conduct fine tuning\nshould the need arise.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
      "formats": [
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          "format": "HTML",
          "encoding": "utf-8",
          "url": "http://www.crs.gov/Reports/RL31208",
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          "filename": "files/20011204_RL31208_806476bd8ae5013fa282659c3004f0493aab0c99.html",
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      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy",
    "Intelligence and National Security"
  ]
}