Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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4/10/2005 USA PATRIOT Act Monitor News Release: Senate Subcommittee Recommends Changes to Information Sharing Procedures

The Permanent Subcommittee on Investigations, in yet another report on the Chilean dictator, Augusto Pinochet, and his relationship with U.S. banks, describes information sharing requests from Riggs Bank to other U.S. banks. One recipient bank declined to give information because of the well publicized problems Riggs was having. Another declined because the requested information concerned foreign affiliates operating under restrictive bank secrecy laws. Yet another bank indicated to Riggs that it did not have information specifically within the parameters of the request, but that a "broader inquiry on your part may result in our sharing additional information...." An analysis of the Subcommittee report and of 31 CFR 103.110(b), the regulation implementing section 314(b) of the USA PATRIOT Act, will appear in the May issue of the Monitor. The language of the regulation should be altered to provide additional guidance on information sharing procedures and limits.

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