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Most real estate transactions are governed by state law and local custom, not federal law. But a massive federal law enacted shortly after the 9/11 terrorist attacks raises the specter that the federal government may intrude into commercial real estate transactions in ways heretofore thought unimaginable. Known as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism ('USA Patriot Act'), the legislation has led the federal government to propose rules designed to combat money laundering and terrorist financing in these types of transactions.
Background
Title III of the USA Patriot Act amended a number of provisions of the Bank Secrecy Act (BSA). 31 U.S.C. ” 5311-5355. The International Money Laundering and Abatement and Financial Anti-Terrorism Act of 2001, Title III sought to amend the BSA to facilitate the prevention, detection, and prosecution of international money laundering and the financing of terrorism.
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This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
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