Paper Summary:

The paper gives a brief description of terrorism and explains the reason why the USA Patriat Act was enacted. The paper first explains that the Act was enacted with the purpose to deter and punish terrorist acts. The paper then presents a comprehensive legal analysis of the Act, analyzing each aspect in detail, in order to shed some light on its various related pros and cons. In addition, the paper notes that the Act addresses the issue of money laundering, defines crimes, and strengthens the USA's northern border with Canada in order to help prevent the entry of aliens and terrorists.

From the Paper:

"The Act also addresses the issue of money laundering by defining it as the 'flow of cash or other valuables derived from or intended to facilitate the commission of a criminal offense. Such money laundering activities can now be curbed by the federal authorities by regulations, criminal sanctions and forfeiture. The authority of the Secretary of Treasury stands expanded by the Patriot Act in his ability to regulate the activities of US financial institutions as well as their relations with foreign individuals and entities. Under the Act, securities brokers, dealers and commodity merchants, advisors and pool operators are required to file suspicious activity reports (SARs) as well as reports involving cash transactions above $ 10,000. It prevents US financial institutions from maintaining correspondent accounts for foreign shell banks and preventing their customers to conceal their financial activities by using institutional concentration account practices. Customer identification standards stand upgraded as a result of the Act with special provisions for identification of all foreign clients. It is also required of the financial institutions within the US to develop accounting audit procedures and controls, and provide additional staff for these activities in order to monitor the financial transactions effectively and in a more transparent manner (Doyle, 20028)."

Sample of Sources Used:

• PUBLIC LAW 107-56--OCT. 26, 2001, Available at : http://frwebgate.access.gpo.gov/cgibin/getdoc.cgi?dbname=107_cong_public_laws&docid=f:publ056.107.pdf
• H. R. 3162, IN THE SENATE OF THE UNITED STATES, October 24, 2001, Electronic Privacy Information Centre, detailed Patriot Act available at: http://epic.org/privacy/terrorism/hr3162.html
• USA Patriot Act, Available online at: http://www.whitehouse.gov/infocus/patriotact/
• Preserving Life & Liberty, What is the Protect America Act?, Online article available at: http://www.lifeandliberty.gov/
• USA PATRIOT Act (11/14/2003), Online article available at: http://www.aclu.org/safefree/resources/17343res20031114.html

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