The official title of the USA PATRIOT Act is “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.” The purpose of this Act is to deter and punish terrorist acts in the United States and globally, enhance law enforcement investigatory tools, and address several key areas, including:
- Strengthening U.S. measures to prevent, detect, and prosecute international money laundering and terrorism financing.
- Subjecting foreign jurisdictions, financial institutions, and certain types of international transactions or accounts to special scrutiny to prevent criminal abuse.
- Requiring the financial services industry to report potential money laundering activities.
- Implementing measures to prevent the use of the U.S. financial system for personal gain by corrupt foreign officials and facilitating the repatriation of stolen assets to their rightful owners.
Read the law here: USA PATRIOT Act