§3055 — Title 50 War and National Defense | U.S. Code

Summary

The Secretary of the Treasury, through the head of the Office of Intelligence Support, must send Congress an annual report about operations against terrorist financial networks. For the past year it must give the total number of asset seizures, designations, and similar actions; the total number of physical searches of offices, homes, or financial records of suspects; and whether the financial intelligence taken was shared fully and promptly with all U.S. intelligence participants in the Foreign Terrorist Asset Tracking Center. If a person, group, or their assets are designated as engaging in terrorism, the Secretary must notify the appropriate congressional committees within 24 hours. Report timing for the congressional intelligence committees follows section 3106. "Appropriate congressional committees" means: House — Permanent Select Committee on Intelligence; Appropriations; Armed Services; Financial Services. Senate — Select Committee on Intelligence; Appropriations; Armed Services; Banking, Housing, and Urban Affairs.

Title 50, §3055

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(a)On an annual basis, the Secretary of the Treasury (acting through the head of the Office of Intelligence Support) shall submit a report to the appropriate congressional committees that fully informs the committees concerning operations against terrorist financial networks. Each such report shall include with respect to the preceding one-year period—

(1)the total number of asset seizures, designations, and other actions against individuals or entities found to have engaged in financial support of terrorism;

(2)the total number of physical searches of offices, residences, or financial records of individuals or entities suspected of having engaged in financial support for terrorist activity; and

(3)whether the financial intelligence information seized in these cases has been shared on a full and timely basis with the all departments, agencies, and other entities of the United States Government involved in intelligence activities participating in the Foreign Terrorist Asset Tracking Center.

(b)In the case of a designation of an individual or entity, or the assets of an individual or entity, as having been found to have engaged in terrorist activities, the Secretary of the Treasury shall report such designation within 24 hours of such a designation to the appropriate congressional committees.

(c)In the case of the reports required to be submitted under subsection (a) to the congressional intelligence committees, the submittal dates for such reports shall be as provided in section 3106 of this title.

(d)In this section, the term “appropriate congressional committees” means the following:

(1)The Permanent Select Committee on Intelligence, the Committee on Appropriations, the Committee on Armed Services, and the Committee on Financial Services of the House of Representatives.

(2)The Select Committee on Intelligence, the Committee on Appropriations, the Committee on Armed Services, and the Committee on Banking, Housing, and Urban Affairs of the Senate.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was formerly classified to section 404m of this title prior to editorial reclassification and renumbering as this section.

Amendments

2022—Subsec. (a). Pub. L. 117–263 substituted “an annual” for “a annual” in introductory provisions. 2010—Pub. L. 111–259, § 347(d)(1), substituted “Annual” for “Semiannual” in section catchline. Subsec. (a). Pub. L. 111–259, § 347(d)(2)(A), (B), in heading, substituted “Annual” for “Semiannual” and, in introductory provisions, substituted “annual basis” for “semiannual basis” and “preceding one-year period” for “preceding six-month period”. Subsec. (a)(2) to (4). Pub. L. 111–259, § 347(d)(2)(C), (D), redesignated pars. (3) and (4) as (2) and (3), respectively, and struck out former par. (2) which read as follows: “the total number of applications for asset seizure and designations of individuals or entities suspected of having engaged in financial support of terrorist activities that were granted, modified, or denied;”. Subsec. (d)(1), (2). Pub. L. 111–259, § 347(d)(3), inserted “the Committee on Armed Services,” after “the Committee on Appropriations,”.

§3055 Annual Report on Financial Intelligence on Terrorist Assets

Summary

Title 50, §3055

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata