Part 2: The law: an overview (Sub-group 2: Impact of the initiatives against terrorist property on banks and financial institutions)

Author：

Publisher： Emerald Group Publishing Ltd

ISSN： 1368-5201

Source： Journal of Money Laundering Control, Vol.6, Iss.3, 2003-07, pp. : 217-232

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Abstract

Summarises UK legislation, including the duty to disclose information regarding the main offence, obtaining information and evidence by search and seizure, customer information orders, and account monitoring orders; and control of terrorist cash, including modes of control - seizure, forfeiture of detained cash, account freezing and restraint orders. Reviews the Financial Action Task Force and Financial Services Agency rules on terrorist financing, the Data Protection Act, and the JMLSG Guidance Notes. Moves on to US anti-money laundering regulation: 18 USC Sections 1956 and 1957 and the Bank Secrecy Act 1970, all amended by the Patriot Act 2001 Title III, the International Money Laundering Abatement and Anti-Terrorist Financing Act 2001. Outlines the provisions for anti-money laundering compliance, foreign shell banks, enhanced due diligence for private banking and correspondent bank accounts, provision of information, suspicious activity reports, know your customer requirements, and information sharing.