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
Required all financial institutions 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.

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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