Financial Anti-Terrorism Act
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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.
[edit] External links
- The Financial Anti-Terrorism Act - A full-text version of the Financial Anti-Terrorism Act
- Summary- A summary of the Financial Anti-Terror 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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