The PATRIOT Act is landmark legislation with crucial provisions that allow multi-agency collaboration in the fight against terrorism. Section 314 of the PATRIOT Act is one of the provisions that facilitate counterterrorism by highlighting the need for deterring money laundering. The section empowers law enforcement agencies to collaborate with financial regulators and institutions, notably the Financial Crimes Enforcement Network (FinCEN), to identify disrupting and preventing money laundering activities. Department of Justice plays a crucial role in combating money laundering through the Asset Forfeiture and Money Laundering Section (AFMLS) in its Criminal Davison (The United States General Accounting Office, 2003). Together, these agencies liaise with financial institutions to facilitate sharing information on individuals who suspect money laundering or financing terrorist activities.
The other provision in the PATRIOT Act 2 that facilitates counterterrorism is Section 351, which supports amendments to improve the reporting of suspicious activities. The section applies to financial institutions which are prohibited from informing individuals of suspicious activities report filing. The agency that is most likely to utilize this provision is Financial Crimes Enforcement Network (FinCEN). According to Bognano (2012), FinCEN analysts' collaborate with federal law enforcement agencies to explore various data sources to link several elements of crime and apprehend suspects. FinCEN also works closely with other supervisory agencies, including the National Credit Union Administration, Federal Reserve Board, and the Federal Deposit Insurance Corporation. The collaboration of these federal agencies increases the likelihood of tracking suspicious financial activities linked with terrorists or their sympathizers.
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Section 352 of the PATRIOT ACT is a crucial provision in the war against terrorism that highlights the need to establish anti-money laundering programs. This section, which is an amendment to the Bank Secrecy Act (BSA)2 establishes that the Secretary to the Treasury requires financial institutions to adopt minimum standards regarding their customers' identity (The United States General Accounting Office, 2020). FinCEN is the primary federal agency to implement this provision, considering that it issues regulations that require financial institutions to file reports and keep records. This undertaking facilitates regulatory, tax, or criminal proceedings and investigations and allows intelligence agencies to be more effective in countering terrorism.
References
Bognanno, J. (2012). Originators now face SARs reporting . Mortgage Banking.
The United States General Accounting Office. (2003). Combating money laundering . https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-813/html/GAOREPORTS-GAO-03-813.htm
The United States General Accounting Office. (2020). Anti-money laundering: FinCen should enhance procedures for implementing and evaluating geographic targeting orders . https://www.gao.gov/products/gao-20-546
