The Financial Anti-Terrorism Act of 2001 (H.R. 3004) 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 allows:
- 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
The Financial Anti-Terrorism Act is not abbreviated or turned into an acronym, 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.
Read more about this topic: USA Act And The Financial Anti-Terrorism Act
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