Sec. 342. SEMIANNUAL REPORT ON FINANCIAL INTELLIGENCE ON TERRORIST ASSETS (FITA)
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## SEC. 342 SEMIANNUAL REPORT ON FINANCIAL INTELLIGENCE ON TERRORIST ASSETS
(FITA)###
(a)Semiannual Report ####
(1)In general Title I of the National Security Act of 1947 (50 U.S.C. 402 et seq.) is amended by adding at the end the following new section: > > ## Sec. 118 “semiannual report on financial intelligence on terrorist assets > > > ###
(a)Semiannual Report > > On a semiannual 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 six-month 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 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; > > > #### “(3) > > 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 > > > #### “(4) > > 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 507. > > > ### “(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, and the Committee on Financial Services of the House of Representatives. > > > #### “(2) > > The Select Committee on Intelligence, the Committee on Appropriations, and the Committee on Banking, Housing, and Urban Affairs of the Senate.” > . ####
(2)Clerical amendment The table of contents contained in the first section of such Act is amended by inserting after the item relating to section 117 the following new item:" “Sec. 118. Semiannual report on financial intelligence on terrorist assets.” ". ###
(b)Conforming Amendment Section 501(f) of the National Security Act of 1947 (50 U.S.C. 413(f)) is amended by inserting before the period the following: “, and includes financial intelligence activities”.
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Sec. 342
SEMIANNUAL REPORT ON FINANCIAL INTELLIGENCE ON TERRORIST ASSETS (FITA)
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