Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach?

The correct answer is A. Send requests for information to a non-US based financial institution (FI). Based on the USA PATRIOT Act, one action that the US might take to demonstrate extraterritorial reach is to send requests for information to a non-US based financial institution (FI). The USA PATRIOT Act expanded the authority of the US government to issue subpoenas and other leg

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

ASend requests for information to a non-US based financial institution (FI)
BHand over potential penalties from the US to another government
CFreeze U. S. accounts that contain funds from the non-US FI
DInitiate a lawsuit in the home country of the non-US FI

How the community answered

(21 responses)

A
76% (16)
B
5% (1)
C
5% (1)
D
14% (3)

Explanation

Based on the USA PATRIOT Act, one action that the US might take to demonstrate extraterritorial reach is to send requests for information to a non-US based financial institution (FI). The USA PATRIOT Act expanded the authority of the US government to issue subpoenas and other legal orders to foreign banks that maintain a correspondent account in the US, requiring them to produce records relating to such account or any account at the foreign bank, including records maintained outside the US. This provision was intended to enhance the ability of the US to investigate and prosecute money laundering and terrorist financing activities that involve foreign FIs.

Topics

#USA PATRIOT Act#extraterritorial jurisdiction#information requests#non-US institutions

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