The fine print of the Patriot Act had provisions that gave the Treasury Department authority to demand more information from banks about their customers' financial transactions. Treasury issued stringent new regulations that required banks themselves to look for unusual transactions and submit SARs--Suspicious Activity Reports--to the government. Facing potentially stiff penalties if they didn't comply, banks and other financial institutions installed sophisticated software to detect anomalies among millions of daily transactions. One of those leads led to Spitzer.
Here is the USA PATRIOT Act: 11/20/03
USA PATRIOT Act Section 314(b) permits financial institutions, upon providing notice to the United States Department of the Treasury, to share information with one another in order to identify and report to the federal government activities that may involve money laundering or terrorist activity. Financial institutions wanting to do so may notify the Treasury Department by clicking on the Section 314(b) Certification link above and supplying the required information.
And a blast from the past: Why did Congress pass the Patriot Act?
Part from Fahrenheit 9/11 by Michael Moore where you see why the Congress obviously passed the Patriot Act:
2 comments:
So what happens if the act is rescinded when Dubya's gone? Its a bad law, no matter what Pat Fitz said-he's wrong on this one. I think he may have already admitted that...
To bad Americans don't know American History but it's been 224 years years so some just don't want to read that much. Now the Patriot Act was formed to protect Americans from the British and those who came to steal they property and goods. The War lead to British soldiers taking Americans property and food/animals while fighting. Any person with a brain could understand the situation has changed. To bring back the Patriot Act will lead to bringing back Slavery. That action was formed to build the US Economy which it did. Now all Nations grow and form new up dated laws. The Patriot Act is an act made for the protection of a US citizen now it use be revised and developed for this civilized country. The Founding Fathers gave a Constitution that is the foundation which will never fall only built to be made stronger by the We the People, not Bush/Cheney. So much of history Americans don't know yet when I speak to those from other countries they know it all. But it does make sense seeing how far this country has fallen. Americans are like a driver who has a map but can't read or tell one direction from another, what good is the map?
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