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Homeland security - Essay Example

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Homeland Security Name Tutor Institution Subject Code Date: Re: Federal Statutes Addressing Terrorist Financing To: From: Background Legislations that limit terrorists’ ability to finance their operations form a key component of the intelligence, regulatory and domestic legal framework of the U.S counterterrorism strategy…
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Homeland security

Download file to see previous pages... The major Federal legislation on terrorist financing include; The Bank Secrecy Act, the International Emergency Economic Powers Act, The Money Laundering Control Act, The Annunzio-Wylie Anti-Money Laundering Act, the Money Laundering Suppression Act, The Money Laundering and Financial Crimes Strategy Act, Title III of the USA Patriot Act, The Suppression of the Financing of Terrorism Convention Implementation Act and The Intelligence Reform and Terrorism Prevention Act of 2004, (GAO, 2004). Federal Statutes The Bank Secrecy Act Passed in 1970, BSA has the major money laundering provisions focusing on financial institutions’ record keeping thereby enabling federal officials to apprehend criminals by tracing money trails. The legislation makes it mandatory for financial institutions to file reports for cash transactions that exceed the amount set by the Secretary of the Treasury which is $10,000, (GAO, 2004). The International Emergency Economic Powers Act (IEEPA) Under the IEEPA enacted in 1977, the president has the powers to declare a national emergency in cases of threats to the US national security, economy or its foreign policy. These powers include; the ability to prohibit any transaction in foreign exchange, the ability to seize foreign assets under US jurisdiction, to prohibit the import or export of foreign currency and to prohibit transactions which involve foreign currency between financial institution, (GAO, 2004). The Money Laundering Control Act Passed by the Congress in 1986, the Money Laundering Control Act criminalizes any activities related to money laundering defined as carrying out financial transactions with property that is known to be derived from unlawful activities or attempts to conceal such activity. The legislation prescribes three specific types which include; domestic, international and attempted money laundering uncovered as a part of a larger sting operation, (GAO, 2004). The Annunzio-Wylie Anti-Money Laundering Act The legislation passed in 1992 increased the penalties for depository institutions that are found to have violated any of the anti-money laundering laws. The legislation also authorizes the Secretary of the treasury to require filings of the Suspicious Activity Reports (SARs) from the financial institutions. It also gives the Federal Deposit Insurance Corporation (FDIC) authority to terminate federal insurance for any banks and financial institutions found guilty, (GAO, 2004). The Money Laundering Suppression Act Passed in 1994, the legislation mandated certain exemption from reporting requirements in an effort to reduce the number of CTR filings by 30%. This was as a result of excess filings in the early 1990s when the number of currency transaction reports filed greatly surpassed the ability of regulators to analyze them. The statute provides for all money transmitting businesses to register with the treasury secretary, (GAO, 2004). The Money Laundering and Financial Crimes Strategy Act The legislation was initiated by Congress with the aim of developing a national strategy for combating money laundering. The legislation stipulates that the Treasury Secretary in consultation with the Attorney General must prioritize money laundering enforcement areas by identifying certain areas as high risk money laundering and related financial crime areas, (GAO, 2004). Title ...Download file to see next pagesRead More
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