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.  … Read the rest