What act gives the Secretary of the Treasury the power to issue subpoenas for records of foreign financial institutions?

The USA Patriot Act of 2001 enhances the government's ability to combat money laundering and terrorist financing. One of the significant provisions of this act is that it grants the Secretary of the Treasury the authority to issue subpoenas for records maintained by foreign financial institutions. This provision is crucial because it allows the government to obtain financial records that might be vital for investigations involving foreign entities, thereby improving the ability to trace illicit financial flows that could be related to terrorism or money laundering schemes.

This act was a response to the increased need for national security following the events of September 11, 2001, highlighting the interconnectedness of international finance and the challenges in monitoring and regulating financial activities that cross borders. By empowering the Secretary of the Treasury in this manner, the USA Patriot Act provides a critical tool in the fight against financial crimes on a global scale.