50 U.S.C. § 3055

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 3055 - Annual report on financial intelligence on terrorist assets

(a) Annual report

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) Immediate notification for emergency designation

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) Submittal date of reports to congressional intelligence committees

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) Appropriate congressional committees defined

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.

50 U.S.C. § 3055

July 26, 1947, ch. 343, title I, §118, as added Pub. L. 107-306, §342, 116 Stat. 2398; amended Pub. L. 111-259, §347, 124 Stat. 2698; Pub. L. 117-263, §6824, 136 Stat. 3615.

EDITORIAL NOTES

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

AMENDMENTS2022-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,".

appropriate congressional committees: The term "appropriate congressional committees" means-(A) the congressional intelligence committees;(B) the Committee on Armed Services of the Senate;(C) the Committee on Appropriations of the Senate;(D) the Committee on Homeland Security and Governmental Affairs of the Senate;(E) the Committee on Armed Services of the House of Representatives;(F) the Committee on Appropriations of the House of Representatives;(G) the Committee on Homeland Security of the House of Representatives; and(H) the Committee on Oversight and Reform of the House of Representatives.
congressional intelligence committees: The term "congressional intelligence committees" means-(A) the Select Committee on Intelligence of the Senate; and(B) the Permanent Select Committee on Intelligence of the House of Representatives.
intelligence: The term "intelligence" includes foreign intelligence and counterintelligence.