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Finance Glossary

Just call us Bond. Amortized bond.

Over 700 finance terms, Shmooped to perfection.

2001 USA Patriot Act

Definition:

Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism.

Talk about an acronym.

This here was a series of laws enacted after 9/11 to prevent terrorists from laundering money and using the stock market to fund their illegal activities.

The relevant part when it comes to money is Title III of the Act. It's called the "International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001" (seriously, who names these things?). That part of the act requires banks to report suspected money-laundering activities and to create tougher rules to prevent money laundering in the first place. It also makes it tougher to do some types of high-falutin' banking between U.S. banks and financial institutions around the world.