The Combined Efforts of Government Agencies
The U.S. Patriot Act was signed into law along with the Executive Order 13224, both of which grant new means and tools to enforcement agencies which are intended to assist in the combat against terrorism. The law holds the financial institutions to responsibilities that they did not have previously. Banks and financial institutions world wide are now required to monitor new and pre-existing accounts and clients, and they must share information they learn about their clients with other financial institutions as well as with the United States Government. Transactions are forbidden with shell banks. Shell banks are institutions that are not physical institutions. Some shell banks are under the provision of banks that do exist physically in the United States, this is the only exception. Foreign banks must also comply to the rules and regulations of the U.S. Patriot Act. All companies that dedicate themselves to the end of corruption, money laundering and terrorist financing are subject to the laws as well.
The United States government has also addressed these concerns by initiating the creation of task forces and new law enforcement agencies. Operation Green Quest is one such development. OGQ operates under the jurisdiction of the U.S. Treasury Department. The Secret Service, the IRS, FBI, the Bureau of Alcohol, Tobacco, and Firearms, and the U.S. Customs Service are all encompassed within the collective fight against crimes involving financial institutions. Together hundreds of arrests have been made. The Terrorism Financial Group has also become responsible for the identification, the investigation, and the prosecution of terrorist cells, dismantling and disrupting their activities. These groups have worked together and with organizations from other countries in the combined effort to interrupt the flow of funds to those intending to do harm not only to the citizens of the United States, but to the citizens of the countries world wide.
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