Feds seek comments
on Patriot Act

The U.S. Department of the Treasury has issued a request for public comment as part of the process of implementing the Patriot Act of 2001.

Signed into law by President Bush on Oct. 26, one of the chief goals of the legislation is "the facilitation of information sharing among governmental entities and financial institutions for the purpose of combating terrorism and money laundering. …"

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The notice, published in The Federal Register on Monday, notes that "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 Treasury with developing regulations to implement these information-sharing provisions."

The proposed rule "seeks to create a communication network linking federal law enforcement with the financial industry so that vital information relating to suspected terrorists and money launderers can be exchanged quickly and without compromising pending investigations."

So what is a "financial institution" in the eyes of the Treasury Department?

"The Act does not define the term 'financial institution' for purposes of the information sharing provisions of 314(a). Under the Bank Secrecy Act (BSA), which, like section 314(a), is concerned with information reporting to detect and prevent financial crimes, the term 'financial institution' is defined broadly."

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Written comments on the proposed rule will be accepted until April 3. According to the notice, they can be submitted via U.S. mail or electronically.

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