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56 Rutgers L. Rev. 573 (2003-2004)
Big Brother Isn't Just Watching You, He's Also Wasting Your Tax Payer Dollars: An Analysis of the Anti-Money Laundering Provisions of the USA Patriot Act

handle is hein.journals/rutlr56 and id is 585 raw text is: Big Brother Isn't Just Watching You, He's Also Wasting Your Tax Payer Dollars: An Analysis of the Anti-Money Laundering Provisions of the USA Patriot Act Megan Roberts* I. INTRODUCTION September 11, 2001 is hardly a day that needs explanation for its importance in American history. However, its aftermath did more than just damage a general feeling of safety and ignite public debate on the country's place in the world. In an attempt to prevent such a tragedy from occurring again, Congress wanted to act quickly in getting a law on the books. The result was Public Law 107-56, or Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001' (USA Patriot Act or Patriot Act), which was signed into law by President George W. Bush on October 26, 2001.2 The Patriot Act provided a broad range of provisions, including terms which should ease information-sharing between intelligence agencies, increase the ability of law enforcement to wire tap and monitor electronic mail, and a variety of new requirements for preventing money laundering.' Congress created a variety of amendments to the Bank Secrecy Act of 1970' (BSA) that would apply directly to domestic banks and their duty to prevent money laundering. This Note will describe the BSA and other attempts by the federal government to regulate bank record-keeping, as well as the new legislation and what this means for banks as well as other monetary institutions. This Note will show that while stopping money laundering is an important step in the war against terrorism, it will not be achieved through the Patriot Act * J.D. Rutgers School of Law-Newark, 2004. The author thanks the editors and staff of the Rutgers Law Review for all their hard work and her parents for their love and support. 1. 115 Stat. 272. 2. Bill Summary & Status for the 107th Congress, at http://thomas.loc.gov/cgi- bin/bdquery/z?d107:HR03162:@@@L&summ2=m& (last visited Mar. 6, 2004). The Act was sent to the President after it had passed through the House with a vote of 357-66 and the Senate with a vote of 98-1. Id. 3. See generally 115 Stat. 272. 4. 31 U.S.C. § 5318 (2000).

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