Mgt 493 Essay

1370 Words Nov 23rd, 2012 6 Pages
The terrorist attacks of September 11, 2001, were of the nature of not easily forgotten. To help counter any future recurrences of such events, the U.S. government enacted what is most commonly known as the “Patriot Act.” The full name of this act is “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act) Act of 2001,” and was passed only 45 days after the terrorist attacks. There are many arguments on whether or not the Patriot Act is designed to work for the better of the world, or to take away many of the civil liberties that belong to citizens of the United States. On the surface, it seems like the Patriot Act is working towards the right goal: “To deter and …show more content…
Many of the other parts of the Patriot Act are simply other acts of the United States amended to read something else.
Although a lot of Americans believe that the USA Patriot Act violates their civil liberties, most of them do not know of the impact the USA Patriot Act has on businesses. One business that is affected is the financial services industry. Financial services are being asked to help out on the front line by tracing money laundering. The U.S. Government knows that money laundering is a big business with terrorist groups, so they are having financial institutions trace money transactions all over the globe. Now before a person can open up an account at a bank they must give certain information about themselves. The bank must collect their name, address, birth date and taxpayer identification number. Although most banks already require this information, other institutions such as car dealers and mutual fund operators will have to spend an incredible amount of money on this system in order for it to work. ( They will be responsible for reporting any person who tries to open up an account whose name is on the terrorist list. Other businesses that are affected by the USA Patriot Act are libraries, creditors and any business that can provide information about a person. An FBI agent can apply for a Foreign Intelligence Surveillance Act (FISA) from a court and get the right to enter a

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