Sec. 2. Confiscation of assets
618 words·~3 min read·
/bill/114/hr/5308/ih/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As soon as practicable after the date of the enactment of this Act, but in no case later than 18 months after the date of the enactment of this Act, the Secretary shall require each financial institution to transfer to the Secretary all amounts of interest paid by such financial institution on frozen bank accounts. One year after the initial confiscation under paragraph (1), and annually thereafter, the Secretary shall require each financial institution to transfer to the Secretary all amounts of interest paid by such financial institution on frozen bank accounts in the previous year.
The Secretary shall deposit all amounts received under this subsection into the Confiscated Assets Fund. Paragraphs
(1)and
(2)shall only apply to interest paid on an account after the account became a frozen bank account. With respect to a frozen asset of a person described in subparagraph (B)— at the time such asset is frozen or otherwise blocked, or within 6 months of the date of the enactment of this Act with respect to an asset frozen or otherwise blocked before such date of enactment, the Secretary shall— publish public notice that the asset is being frozen or otherwise blocked; and provide the owner of the asset and other interested parties with a 1-year period to challenge such freezing or blocking; and if such asset remains frozen or otherwise blocked after the 1-year period described under clause (i)(II), the Secretary shall require the financial institution holding the frozen asset to transfer such asset to the Secretary. A person described in this subparagraph is a person that is— designated as a foreign terrorist organization under section 219(a) of the Immigration and Nationality Act ( 8 U.S.C. 1189(a) ); designated as a Specially Designated Global Terrorist by the Department of the Treasury under Executive Order 13224 ( 50 U.S.C. 1701 ); or a specially designated terrorist, as that term is defined in section 595.311 of title 31, Code of Federal Regulations (or any successor thereto). The Secretary shall— deposit all money received under this subsection into the Confiscated Assets Fund; and sell any non-monetary assets received under this subsection and deposit the amounts received from such sales into the Confiscated Assets Fund. Compliance with this section and any regulation, instruction, or direction issued pursuant to this section shall to the extent thereof be a full acquittance and discharge for all purposes of the obligation of the person making the same. No person shall be held liable in any court for or with respect to anything done or omitted in good faith in connection with the administration of, or pursuant to and in reliance on, this section, or any regulation, instruction, or direction issued pursuant to this section. For purposes of this section: The term financial institution has the meaning given that term under section 5312 of title 31, United States Code. The term foreign person has the meaning given that term under section 14 of the Iran Sanctions Act of 1996 ( 50 U.S.C. 1701 note). The term frozen asset — means an asset of a foreign person or foreign country that has been frozen or otherwise blocked pursuant to sanctions under any provision of United States law, as determined by the Secretary; and does not include— any asset subject to the Vienna Convention on Consular Relations (done at Vienna, April 24, 1963); or the blocked assets of a terrorist party that are subject to execution and attachment pursuant to section 201 of the Terrorism Risk Insurance Act of 2002 ( 28 U.S.C. 1610 note). The term frozen bank account means a deposit account maintained at a financial institution that consists of frozen assets. The term Secretary means the Secretary of the Treasury.
Connectionstraces to 4
Citation graph
cites case law
Cites 4Cited by 0 across 0 sources