Compliance issues in the wake of the USA PATRIOT Act

Authors: Silets, Harvey M.; Cleef, Carol R. Van

Source: Journal of Financial Crime, Volume 10, Number 4, 2003 , pp. 392-399(8)

Publisher: Emerald Group Publishing Limited

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Abstract:

Reviews the scope of money laundering crimes, the new requirements for anti-money laundering compliance programmes, and the Office of Foreign Assets Control (OFAC) requirements; the latter, which restricts dealings with foreign entities, was operating since World War 2 but had little impact before Executive Order 13224 on 23 September 2001. Shows how the PATRIOT Act has amended some provisions in the federal Bank Secrecy Act (BSA) by adding terrorism and other predicate offences, and defines the wide range of companies covered. Explains how the Financial Crimes Enforcement Network determines violations of the BSA. Concludes that OFAC and anti-money laundering compliance law have powerful sanctions in the form of civil and criminal penalties, plus possible loss of charter or federal deposit insurance coverage.

Keywords: Laws and legislation; Money laundering; Regulation; Terrorism; United States of America

Document Type: Research article

Publication date: 2003-10-01