Financial Anti-Terrorism Act of 2001

Summary

Financial Anti-Terrorism Act of 2001 - Amends Federal law governing monetary transactions and Federal criminal law to establish as a bulk cash smuggling offense the knowing concealment and attempted transport (or transfer) across U.S. borders of currency and monetary instruments in excess of $10,000, with intent to evade specified currency reporting requirements. Subjects to Federal criminal penalties currency couriers who conceal more than $10,000 in currency and transport, or conspire to transport, such currency in interstate commerce knowing that it was either derived from, or intended to promote, unlawful activity. Establishes Federal jurisdiction over foreign money launderers, and over money that is laundered through a foreign bank. Establishes reporting requirements for coin and currency receipts of more than $10,000 received by a nonfinancial trade or business, or criminal court clerks. Amends the Immigration and Nationality Act of 1952 to declare inadmissible: (1) aliens who have engaged in proscribed money laundering activities; and (2) their immediate family members who have benefitted from such illicit activities. Authorizes Federal enforcement agencies to initiate forfeiture actions regarding funds deposited into a foreign bank that has a correspondent account in the United States. Places the Financial Crimes Enforcement Network as a bureau in the Department of the Treasury. Includes among its duties the maintenance of a financial crimes communications center to coordinate money laundering detection by law enforcement authorities and financial institutions. Extends U.S. Customs Service border searches to international shipments of mail. Establishes criminal penalties for false statements concerning the identity of customers of financial institutions. Requires financial institutions to maintain account holder identification and verification . Directs the Secretary of the Treasury to: (1) establish a highly secure website in the Financial Crimes Enforcement Network that allows financial institutions to file suspicious activities reports through the Internet, and that alerts financial institutions regarding activities that warrant immediate and enhanced scrutiny; (2) provide for a public-private task force on terrorist financing issues; and (3) require registered brokers and dealers to submit suspicious activity reports. Amends the Federal Deposit Insurance Act to authorize the inclusion of suspicions of illegal activity in written employment references. Sets forth special measures for jurisdictions, financial institutions, or international transactions of primary money laundering concern, including a proscription against United States correspondent accounts with foreign shell banks. Empowers the Secretary to enter into international negotiations regarding money laundering investigations, financial crimes, and the finances of terrorist groups. Prohibits the acceptance of any bank instrument in connection with unlawful Internet gambling. Amends the Federal criminal code to increase penalties for counterfeiting domestic and foreign currency and obligations. Includes counterfeiting by analog, digital, or electronic image.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 17 October 2001

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• Referred in Senate (PDF)

  Referred in Senate · EN · 17 October 2001

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• Reported in House (text)

  Reported in House · EN · 17 October 2001

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• Reported in House (PDF)

  Reported in House · EN · 17 October 2001

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• Engrossed in House (text)

  Engrossed in House · EN · 17 October 2001

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• Engrossed in House (PDF)

  Engrossed in House · EN · 17 October 2001

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• Passed House amended

  summary · EN · 17 October 2001

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• Reported to House amended, Part I

  summary · EN · 17 October 2001

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• Introduced in House (text)

  Introduced in House · EN · 3 October 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 3 October 2001

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• Introduced in House

  summary · EN · 3 October 2001

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