Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity

1Section 314 of the Act is an uncodified provision that appears in the Historical and Statutory Notes to 31 U.S.C. 5311. Section 5311 is one of a number of statutory sections comprising the body of law commonly referred to as the Bank Secrecy Act (BSA), Pub. L. 91–508, codified, as amended, at 12 U.S.C. 1829b, 12 U.S.C. 1951–1959, and 31 U.S.C. 5311–5332. Regulations implementing the BSA appear at 31 CFR part 103. The authority of the Secretary to administer the BSA and its implementing regulations has been delegated to the Director of FinCEN. Dated: September 18, 2002. James Sloan, Director. [FR Doc. 02–24142 Filed 9–25–02; 8:45 am] BILLING CODE 4810–02–C DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506–AA27 Financial Crimes Enforcement Network; Special Information Sharing Procedures To Deter Money Laundering and Terrorist Activity AGENCY: Financial Crimes Enforcement Network (FinCEN), Treasury. ACTION: Final rule. SUMMARY: FinCEN is issuing this final rule to encourage information sharing among financial institutions and Federal government law enforcement agencies for the purpose of identifying, preventing, and deterring money laundering and terrorist activity. DATES: This final rule is effective September 26, 2002. FOR FURTHER INFORMATION CONTACT:
Office of Chief Counsel, FinCEN, (703) 905–3590; Office of the Assistant General Counsel (Enforcement), (202) 622–1927; or the Office of the Assistant General Counsel (Banking and Finance), (202) 622–0480 (not toll-free numbers). SUPPLEMENTARY INFORMATION:
I. Statutory Provisions
On October 26, 2001, the President signed into law the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, Public Law 107–56 (the Act). Of the Act’s many goals, the facilitation of information sharing among governmental entities and financial institutions, for the purpose of combating terrorism and money laundering, is of paramount importance.
Section 314 of the Act furthers this goal
by providing for the sharing of information between the government and financial institutions, and among financial institutions themselves. As with many other provisions of the Act, Congress has charged the U.S. Department of the Treasury (‘‘Treasury’’) with developing regulations to implement these information-sharing provisions.1 Subsection 314(a) of the Act states in
part that:
[t]he Secretary shall * * * adopt regulations to encourage further cooperation among financial institutions, their regulatory authorities, and law enforcement authorities, with the specific purpose of encouraging regulatory authorities and law enforcement authorities to share with financial institutions information regarding individuals, entities, and organizations engaged in or reasonably suspected based on ER26SE02.013</GPH>