International Association of Money Transfer Networks calls on US government to modify The Patriot Act and lift the burdens on money transfer businesses
Lady Olga Maitland, CEO of IAMTN is calling on the US Government to think again about the impact the Patriot Act has on law-abiding money transfer businesses.
Says Lady Olga:”After five years, it is time to revise the Patriot Act. We have become deeply aware of the effect of burdensome legislation on legitimate money transfer operators. The fact is the Act is having the adverse result that the US Government would wish.
“As a result of the hefty compliance requirements to satisfy the federal anti-terrorist and anti-money laundering regulations, many an operator has had to close down. They have found it extremely difficult to stay in business bearing in mind the time it takes to comply with all the requirements with huge amount of effort involved.
“While everyone is sympathetic to the need for vigilance and transparent transactions, there is now sufficient evidence both in the US and with those making transactions involving the US to say that the time has come to review the Patriot Act.
“The Patriot Act came on stream in 2003 just six weeks after 9/11. it was done in haste with the best of intentions, but hasty laws in the end turn out to be badly drafted, and do not always have the effect intended.
“Now that five years have gone by, there should be a thorough review of the Patriot Act and in particular the sections dealing with legitimate money transfers which come into conflict with terrorist funding and money laundering.
“There has never been a really careful or systematic effort to determine whether the weaknesses in the system before 9/11 contributed to the attacks, or indeed whether the stricter changes brought in by the Patriot Act have helped to prevent further attacks. Indeed it could be said that many of the Act’s provisions have nothing at all to do with terrorism.
“Today with hindsight, and clarity of mind, it is surely appropriate to have a full appraisal on the workings of the Patriot Act, and amend it accordingly.”
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