Financial Anti-Terrorism Act of 2001
Latest action · Oct 17, 2001 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 3, 2001
- Passed HouseOct 17, 2001
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(Sec. 103) Subjects to Federal criminal penalties persons engaged in unlicensed money transmitting business transactions.
(Sec. 104) Establishes Federal jurisdiction over foreign money launderers and over money laundered through a foreign bank.
(Sec. 109) Increases civil penalties for structuring transactions to evade targeting orders and for violations of certain recordkeeping requirements.
(Sec. 110) Amends the Immigration and Nationality Act to declare inadmissible into the United States: (1) aliens who have engaged in proscribed money laundering activities; and (2) their immediate family members who have benefitted from such illicit activities. Grants the Attorney General authority to waive the mandatory exclusion of such family members in exceptional circumstances.
(Sec. 111) Authorizes Federal enforcement agencies to initiate forfeiture actions regarding funds deposited into a dollar-denominated account in a foreign bank that has a correspondent account in the United States. States that there is no requirement for the Federal Government to trace such funds.
(Sec. 112) Prescribes procedural guidelines for the service of Federal subpoenas for records of funds in correspondent bank accounts.
(Sec. 113) Amends the Controlled Substances Act regarding persons convicted of certain drug abuse violations to authorize a court to order a defendant to repatriate into the court's jurisdiction, for seizure and forfeiture, any property placed beyond that jurisdiction.
(Sec. 114) Amends the Federal judicial code to authorize a court to disallow a claim filed in a forfeiture proceeding on behalf of a corporation if any majority shareholder or individual filing the claim on the corporation's behalf is a fugitive in a related criminal case.
(Sec. 115) Amends the Federal judicial code with respect to enforcement of foreign judgments to prescribe procedural guidelines for the issuance of a restraining order to preserve the availability of property subject to a foreign forfeiture or confiscation judgment.
(Sec. 116) Amends the Right to Financial Privacy Act of 1978, the Fair Credit Reporting Act, and other Federal law governing records and reports on monetary instruments transactions to mandate that agencies subject to them share customer financial information with Federal intelligence or counterintelligence agencies for use against international terrorism. Requires the Secretary to make such reports available, upon request, to a self-regulatory organization registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission.
Requires insured depository institutions to retain records with a high degree of usefulness in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism. Authorizes the Secretary also to require uninsured banks or institutions to retain records for such purposes.
(Sec. 117) Declares that the Financial Crimes Enforcement Network shall be a bureau in the Department of the Treasury, which shall: (1) advise the Under Secretary for Enforcement on financial intelligence and financial criminal activities; (2) maintain a Government-wide data access service; (3) maintain a financial crimes communications center for Federal intelligence agency use; (4) establish a special unit to assist law enforcement and regulatory authorities in combatting the use of informal, nonbank networks without records and without compliance with criminal and tax laws (including payment and barter mechanisms that permit the transfer of funds and fund equivalents); and (5) coordinate with financial intelligence units in other countries on anti-terrorism and anti-money laundering initiatives.
(Sec. 118) Establishes criminal penalties for false statements regarding the identity of customers of financial institutions.
(Sec. 119) Instructs the Secretary to prescribe regulations that would require financial institutions to maintain account holder identification and verification.
Requires the Secretary to study and report to Congress on measures that would require foreign nationals to: (1) provide domestic financial institutions and agencies with information comparable to that required of United States nationals; (2) obtain an identification number as a prerequisite to opening an account with such entities; and (3) establish a system for such entities to review federally maintained information for purposes of verifying the identities of foreign nationals seeking to open accounts.
(Sec. 120) Amends the Bank Holding Company Act of 1956 and the Federal Deposit Insurance Act to direct the oversight authorities, when reviewing acquisition or merger applications, to take into consideration the effectiveness of the anti-money laundering record of the companies or insured depository institutions involved.
(Sec. 121) Redefines "financial institution" and " money transmitting business" to include any person who engages as a business in the transmission of funds (including through an informal value transfer banking system or network of people (hawala) facilitating the transfer of value domestically or internationally outside of the conventional financial institutions system), thus placing such transactions within the purview of Federal law governing recordkeeping requirements of monetary instruments transaction.
(Sec. 122) Amends the Federal Reserve Act to empower the Board of Governors of the Federal Reserve System to authorize personnel to act as law enforcement officers to protect Board premises, grounds, property, personnel, including members of the Board, or any Federal reserve bank. Permits the Board to delegate to a Federal Reserve bank the authority to authorize such personnel. Authorizes such law enforcement designees, while on duty, to carry firearms and make warrantless arrests for any offense against the United States, or for any felony committed within the buildings and grounds of the Board or a reserve bank.
(Sec. 123) Prescribes reporting requirements for coin and currency receipts exceeding $10,000 in a nonfinancial trade or business, except any transaction that occurs entirely outside the United States.
Title II: Public-Private Cooperation - Directs the Secretary of the Treasury to: (1) establish a highly secure network in the Financial Crimes Enforcement Network that allows financial institutions to file reports of suspicious activities through the network and alerts them to suspicious activities; (2) submit status reports to Congress regarding: (a) data collection and analysis; (b) barriers to the exchange of financial crime information; and (c) private banking activities in the United States; and (3) publish and disseminate periodically to the financial services industry detailed analyses derived from law enforcement agencies identifying patterns of suspicious activity.
(Sec. 204) Directs the Secretary to study and report to Congress on: (1) possible expansion of the statutory exemption system; and (2) methods for improving financial institution utilization of statutory exemption provisions as a way of reducing the submission of currency transaction reports that have little or no value for law enforcement purposes.
(Sec. 205) Amends the Annunzio-Wylie Anti-Money Laundering Act to direct the Secretary to provide for a public-private task force on terrorist financing issues.
(Sec. 206) Instructs the Secretary to publish proposed regulations requiring registered brokers and dealers to submit suspicious activity reports. Authorizes the Secretary to prescribe regulations requiring submission of such reports by futures commission merchants, commodity trading advisors, and commodity pool operators.
(Sec. 207) Grants a financial institution civil liability immunity for making such disclosures. Prohibits any officer or employee of the institution, or any Federal, State, or local government officer or employee, from notifying any person involved in a suspicious transaction that it has been reported.
(Sec. 208) Amends the Federal Deposit Insurance Act to authorize the inclusion of suspicions of illegal activity in written employment references.
(Sec. 209) Instructs the Secretary to: (1) encourage foreign governments to require the inclusion of the name of the originator in wire transfer instructions sent to the United States and other countries; (2) report annually to certain congressional committees on progress towards and impediments to international cooperation on the identification of originators of wire transfers; and (3) study the impact of any policy of the Board of Governors of the Federal Reserve System relating to the promotion of check electronification, through truncation or migration from paper checks.
Title III: Combatting International Money Laundering - Authorizes the Secretary to require domestic financial institutions and domestic financial agencies to take one or more special measures if the Secretary finds that a jurisdiction outside the United States, one or more financial institutions operating outside the United States, one or more classes of transactions within or involving a jurisdiction outside the United States, or one or more types of accounts is of primary money laundering concern. Specifies such measures with respect to: (1) recordkeeping and reporting of certain financial transactions; (2) disclosures regarding beneficial ownership, certain payable-through and correspondent accounts; and (3) prohibitions and conditions upon certain correspondent or payable-through accounts opened by a domestic financial institution or agency on behalf of a foreign financial institution.
(Sec. 302) Mandates specified due diligence procedures for U.S. private banking and correspondent accounts involving foreign persons.
(Sec. 303) Prohibits U.S. depository institution correspondent accounts with foreign shell banks, including indirect service to such banks.
(Sec. 304) Requires each financial institution to establish anti-money laundering programs.
(Sec. 305) Authorizes the Secretary to prescribe regulations governing maintenance of concentration accounts by financial institutions in order to ensure that they are not used to prevent association of the identity of an individual customer with the movement of funds of which the customer is the direct or beneficial owner.
(Sec. 306) Expresses the sense of Congress that the President should direct the Secretary of State, the Attorney General, or the Secretary of the Treasury to seek to enter into: (1) negotiations with financial supervisory agencies and other officials of any foreign country whose financial institutions do business with United States financial institutions, or which may be utilized by a foreign terrorist organization, any person who is a member or representative of any such organization, or any person engaged in money laundering or financial or other crimes; and (2) cooperative efforts, voluntary information exchanges, the use of letters rogatory, mutual legal assistance treaties, and international agreements to ensure that foreign banks and other financial institutions maintain adequate records of large U.S. currency transactions, and transaction and account information relating to any foreign terrorist organization, or any person engaged in money laundering or financial or other crimes, and establish a mechanism whereby such records may be made available to U.S. law enforcement officials and domestic financial institution supervisors.
Title IV: Currency Protection - Amends the Federal criminal code to increase penalties for counterfeiting domestic and foreign currency and obligations. Includes counterfeiting by analog, digital, or electronic image.
(Sec. 403) Authorizes the Secretary to engrave and print currency, postage stamps, and other security documents for foreign governments.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 390 | On Motion to Suspend the Rules and Pass, as Amended | Passed412–1 | Oct 17, 2001 |
Cosponsors 24
Members who signed on, in the order they did. Signatures ran from Oct 3, 2001 to Oct 9, 2001; 17 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AL | Bob Riley | Original | Oct 3, 2001 |
| D-NY | Carolyn B. Maloney | Original | Oct 3, 2001 |
| D-OR | Darlene Hooley | Original | Oct 3, 2001 |
| R-NE | Doug Bereuter | Original | Oct 3, 2001 |
| R-VA | Eric Cantor | Original | Oct 3, 2001 |
| R-NY | Felix J. Grucci Jr. | Original | Oct 3, 2001 |
| R-IA | James A. Leach | Original | Oct 3, 2001 |
| D-NY | John J. LaFalce | Original | Oct 3, 2001 |
| D-TX | Ken Bentsen | Original | Oct 3, 2001 |
| R-NJ | Marge Roukema | Original | Oct 3, 2001 |
| R-WI | Mark Green | Original | Oct 3, 2001 |
| R-OH | Paul E. Gillmor | Original | Oct 3, 2001 |
| R-NY | Peter T. King | Original | Oct 3, 2001 |
| R-LA | Richard H. Baker | Original | Oct 3, 2001 |
| R-AL | Spencer Bachus | Original | Oct 3, 2001 |
| R-OH | Steven C. LaTourette | Original | Oct 3, 2001 |
| R-NY | Sue W. Kelly | Original | Oct 3, 2001 |
| D-CT | James H. Maloney | Oct 4, 2001 | |
| D-VA | James P. Moran | Oct 4, 2001 | |
| D-MS | Ronnie Shows | Oct 4, 2001 | |
| D-NY | Steve Israel | Oct 4, 2001 | |
| D-CA | Brad Sherman | Oct 9, 2001 | |
| R-CT | Christopher Shays | Oct 9, 2001 | |
| D-AR | Mike Ross | Oct 9, 2001 |
Committees 4
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Oct 3, 2001Markup Oct 11, 2001Reported Oct 17, 2001 |
| House | Judiciary Committee | Referred Oct 3, 2001Discharged Oct 17, 2001 |
| House | Ways and Means Committee | Referred Oct 3, 2001Discharged Oct 17, 2001 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Oct 17, 2001 |
Actions 17
Everything that happened, newest first.
- Oct 17, 2001Reported (Amended) by the Committee on Financial Services. H. Rept. 107-250, Part I.(text of measure as reported in House: CR 10/16/2001 H6902-6915)
- Oct 17, 2001Reported (Amended) by the Committee on Financial Services. H. Rept. 107-250, Part I. (text of measure as reported in House: CR 10/16/2001 H6902-6915)
- Oct 17, 2001House Committee on Judiciary Granted an extension for further consideration ending not later than Oct. 17, 2001.
- Oct 17, 2001House Committee on Ways and Means Granted an extension for further consideration ending not later than Oct. 17, 2001.
- Oct 17, 2001Committee on Judiciary discharged.
In the Congressional Record 3
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H6924–H6944Text printed H6924–H6936Recorded votes H6943enact | Barbara Lee D-CA, Carolyn B. Maloney D-NY, Dave Weldon R-FL, Donna M. Christensen D-VI, Doug Bereuter R-NE, Felix J. Grucci Jr. R-NY, Frank R. Wolf R-VA, Harold E. Ford Jr. D-TN, James A. Leach R-IA, John J. LaFalce D-NY, Ken Bentsen D-TX, Marge Roukema R-NJ, Mark Green R-WI, Maxine Waters D-CA, Michael G. Oxley R-OH, Ron Paul R-TX, Sheila Jackson Lee D-TX, Steve Israel D-NY, Sue W. Kelly R-NY | Oct 17, 2001 |
| House | Debate and remarks H6902–H6915Text printed H6902–H6915Amendments H6902 | John J. LaFalce D-NY, Michael G. Oxley R-OH (amendment) | Oct 16, 2001 |
| House | Debate and remarks H6769 | Ken Bentsen D-TX | Oct 12, 2001 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimates 2
- Oct 16, 2001H.R. 3004, Financial Anti-Terrorism Act of 2001<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on October 11, 200</p>
- Oct 16, 2001H.R. 3004, Financial Anti-Terrorism Act of 2001Cost estimate for the bill as ordered reported by the House Committee on Financial Services on October 11, 200
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 107-3 | H.R. 5005, THE HOMELAND SECURITY ACT OF 2002, DAY 3498 pages | Homeland Security Committee | Jul 17, 2002 |
| Serial No. 107-50 | SOCIAL SECURITY ADMINISTRATION'S RESPONSE TO THE SEPTEMBER 11 TERRORIST ATTACKS70 pages | Ways and Means Committee | Sep 11, 2001–Nov 1, 2001 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RS21203 | The USA PATRIOT Act: A Sketch Archived | Report | Apr 18, 2002 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3162 | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 | Procedurally related | Oct 26, 2001 |
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To combat the financing of terrorism and other financial crimes, and for other purposes.
- Short Titles as Introduced
- Financial Anti-Terrorism Act of 2001
- Short Titles as Reported to House
- Financial Anti-Terrorism Act of 2001
- Short Titles as Passed House
- Financial Anti-Terrorism Act of 2001
Subjects
Assigned by the Library of Congress. Policy area: Crime and Law Enforcement.
- Administrative procedure
- Advice and consent of the Senate
- Affiliated corporations
- Aliens
- Armed Forces and National Security
- Arms sales
- Arrest
- Bail
- Bank accounts
- Bank directors
- Bank employees
- Bank loans
- Bank records
- Bankers
- Barter
- Bribery
- Brokers
- Checks
- Civil actions and liability
- Civil Rights and Liberties, Minority Issues
- Coins and coinage
- Collection of accounts
- Commerce
- Commodity exchanges
- Common carriers
- Computer crimes
- Computers and government
- Congress
- Congressional reporting requirements
- Correspondent banks
- Counterfeiting
- Counterintelligence
- Court records
- Crime and Law Enforcement
- Crime prevention
- Criminal aliens
- Criminal investigation
- Criminal justice information
- Criminal justice information systems
- Customs administration
- Data banks
- Department of the Treasury
- District courts
- Drug abuse
- Drug traffic
- EBB Terrorism
- Economics and Public Finance
- Electronic commerce
- Electronic funds transfers
- Electronic government information
- Embezzlement
- Employee selection
- Evidence (Law)
- Executive reorganization
- Exports
- Families
- Federal advisory bodies
- Federal law enforcement officers
- Federal Reserve System
- Finance and Financial Sector
- Financial institutions
- Financial services
- Fines (Penalties)
- Firearms
- Foreign agents
- Foreign banks and banking
- Foreign exchange
- Foreign Trade and International Finance
- Forfeiture
- Fraud
- Fugitives from justice
- Gambling
- Government liability
- Government Operations and Politics
- Government paperwork
- Governmental investigations
- Identification devices
- Immigration
- Imports
- Indian gambling operations
- Information disclosure (Securities law)
- Information storage and retrieval systems
- Injunctions
- International Affairs
- International banking
- International competitiveness
- International cooperation
- Internet
- Interstate commerce
- Judicial officers
- Jurisdiction
- Labor and Employment
- Larceny
- Law
- Law clerks
- Liability (Law)
- Loans
- Married people
- Minorities
- Money
- Money laundering
- Negotiations
- Nonbank banks
- Obstruction of justice
- Organized crime
- Parties to actions
- Personnel records
- Postage stamps
- Postal service
- Presidential appointments
- Printing
- Prosecution
- Public corruption
- Public-private partnerships
- Recidivists
- Right of privacy
- Sanctions (International law)
- Science, Technology, Communications
- Searches and seizures
- Securities
- Securities fraud
- Securities regulation
- Security measures
- Smuggling
- Sports and Recreation
- State-sponsored terrorism
- Stockholders
- Subpoena
- Tax havens
- Tax returns
- Taxation
- Terrorism
- Transportation and Public Works
- Treaties
- Undercover operations
- Underground economy
- Violence
- Visas
- Warrants (Law)
- Web sites
Text 4
Each version as it was printed, newest first.
- Oct 17, 2001Referred in Senate
- Oct 17, 2001Reported in House
- Oct 17, 2001Engrossed in House
- Oct 3, 2001Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
