On September 28, 2001, the United Nations Security Council adopted Resolution 1373, which amongst other things required all UN member states to prevent and suppress the financing of terrorist acts; criminalize the wilful provision or collection of funds to be used to finance terrorist acts; suppress the recruitment of terrorist groups; and deny safe haven to those who finance, plan, support or commit terrorist acts.

The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), which imposes reporting obligations on reporting institutions as a counter-measure to prevent or mitigate ML/TF was enacted with the intention to fulfil the international standards imposed by the Financial Action Task Force (FATF).

The purpose of the USA PATRIOT Act is to deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and other purposes, some of which include: To strengthen U.S. measures to prevent, detect and prosecute international money laundering and financing of terrorism;

In response to the September 11, 2001, terrorist attacks, Congress expanded the BSA’s AML policy framework to incorporate additional provisions to combat the financing of terrorism through the USA PATRIOT Act (P.L. 107-56).