Financial Anti-Terrorism Act

From Wikipedia, the free encyclopedia

The Financial Anti-Terrorism Act (H.R. 3004) of 2001 was a bill calling for the Federal Government to have the increased ability to control and monitor financial criminals and the ability to sentence them.

The Financial Anti-Terrorism Act allowed

  • Criminals to be punished, those who were engaged in illegal money practices
  • Gives procedural guidelines for Federal subpoenas for records of funds in correspondent bank accounts
  • Federal jurisdiction over foreign money launderers and over money laundered through a foreign bank
  • All financial institutions to be forced to form an anti-money laundering program

In October 17, 2001 this bill passed in the House of Representatives: 412-1. The only person to vote "Nay" was Ronald Paul (Republican, TX).

Shortly after (October 26, 2001), the Financial Anti-Terrorism Act was combined with the USA Act, to form the USA PATRIOT Act.

Note: It is not abbreviated or turned into an acronym for obvious reasons, and therefore shouldn't be referred to as the "FAT Act". It has been referred to as "FATA", but it isn't a common term.

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