International Money Laundering Abatement and Anti-Terrorist Financing Act

The International Money Laundering Abatement and Anti-Terrorist Financing Act is a U.S. law enacted in 2001 in response to concerns about terrorism and financial crime. It aims to prevent money laundering and the financing of terrorism by imposing stricter regulations on banks and financial institutions. This includes requirements for customer identification, reporting suspicious activities, and maintaining records of certain transactions. The law helps ensure that financial systems are not abused for illegal activities, promoting transparency and security in the global economy.