Terrorist Asset Seizure Reform Act of 2018
This bill requires a financial institution to transfer to the Department of the Treasury (1) interest paid on certain bank accounts that are frozen as a result of sanctions; and (2) after providing notice and an opportunity for the owner to challenge, frozen or otherwise blocked assets affiliated with specified terrorist activity. Assets and interest confiscated under the bill must be deposited into a fund made available to the Federal Emergency Management Agency (FEMA) for grants related to terrorism prevention.
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6783 Introduced in House (IH)]
<DOC>
115th CONGRESS
2d Session
H. R. 6783
To require the Secretary of the Treasury to confiscate interest paid on
certain frozen bank accounts, to require the Secretary to confiscate
certain frozen assets, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 12, 2018
Mr. Donovan (for himself, Mr. Budd, and Mr. McCaul) introduced the
following bill; which was referred to the Committee on Foreign Affairs,
and in addition to the Committee on Homeland Security, for a period to
be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to confiscate interest paid on
certain frozen bank accounts, to require the Secretary to confiscate
certain frozen assets, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Terrorist Asset Seizure Reform Act
of 2018''.
SEC. 2. CONFISCATION OF ASSETS.
(a) Confiscation of Interest.--
(1) Initial confiscation.--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.
(2) Ongoing confiscation.--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.
(3) Interest deposited into confiscated assets fund.--The
Secretary shall deposit all amounts received under this
subsection into the Confiscated Assets Fund.
(4) Rule of construction.--Paragraphs (1) and (2) shall
only apply to interest paid on an account after the account
became a frozen bank account.
(b) Confiscations Related to Non-State Terrorism.--
(1) Special rule for confiscations related to non-state
terrorism.--
(A) In general.--With respect to a frozen asset of
a person described in subparagraph (B)--
(i) 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--
(I) publish public notice that the
asset is being frozen or otherwise
blocked; and
(II) provide the owner of the asset
and other interested parties with a 1-
year period to challenge such freezing
or blocking; and
(ii) 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.
(B) Covered persons.--A person described in this
subparagraph is a person that is--
(i) designated as a foreign terrorist
organization under section 219(a) of the
Immigration and Nationality Act (8 U.S.C.
1189(a));
(ii) designated as a Specially Designated
Global Terrorist by the Department of the
Treasury under Executive Order 13224 (50 U.S.C.
1701); or
(iii) a specially designated terrorist, as
that term is defined in section 595.311 of
title 31, Code of Federal Regulations (or any
successor thereto).
(2) Assets deposited into confiscated assets fund.--The
Secretary shall--
(A) deposit all money received under this
subsection into the Confiscated Assets Fund; and
(B) sell any non-monetary assets received under
this subsection and deposit the amounts received from
such sales into the Confiscated Assets Fund.
(c) Safe Harbor.--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.
(d) Definitions.--For purposes of this section:
(1) Financial institution.--The term ``financial
institution'' has the meaning given that term under section
5312 of title 31, United States Code.
(2) Foreign person.--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).
(3) Frozen asset.--The term ``frozen asset''--
(A) 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
(B) does not include--
(i) any asset subject to the Vienna
Convention on Consular Relations (done at
Vienna, April 24, 1963); or
(ii) 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).
(4) Frozen bank account.--The term ``frozen bank account''
means a deposit account maintained at a financial institution
that consists of frozen assets.
(5) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
SEC. 3. CONFISCATED ASSETS FUND.
(a) Establishment.--The Secretary of the Treasury shall establish a
fund to be known as the ``Confiscated Assets Fund''.
(b) Use of Fund.--Amounts in the Confiscated Assets Fund shall be
made available to the Administrator of the Federal Emergency Management
Agency to provide grants under the Urban Area Security Initiative under
section 2003 of the Homeland Security Act of 2002 (6 U.S.C. 604).
SEC. 4. REPORTS TO CONGRESS.
(a) GAO Study and Report.--
(1) In general.--Not later than the end of the 6-month
period beginning on the date of the enactment of this Act, the
Comptroller General of the United States shall initiate a study
on how the Office of Foreign Assets Control of the Department
of the Treasury can better track frozen assets, manage data
relating to such frozen assets, and improve reporting to
Congress regarding frozen assets across all sanctions programs
administered by the Office of Foreign Assets Control.
(2) Report.--Upon the completion of the study required
under paragraph (1), the Comptroller General shall issue a
report to the Congress and the Office of Foreign Assets Control
of the Department of the Treasury containing--
(A) all findings and determinations made in
carrying out the study required under paragraph (1);
and
(B) such recommendations that the Comptroller
General may determine appropriate.
(b) Secretary of the Treasury Report.--
(1) In general.--The Secretary of the Treasury, in
consultation with the Attorney General, the Secretary of State,
and the heads of other appropriate Federal agencies, shall
issue an annual report to the Congress containing--
(A) comprehensive and detailed data regarding
frozen assets across all sanctions programs
administered by the Office of Foreign Assets Control,
including, with respect to each sanctions program for
the prior calendar year--
(i) tables that show changes in frozen
assets totals;
(ii) the total amount of frozen assets;
(iii) the total amount of frozen assets
that were unblocked;
(iv) how many licenses were issued;
(v) how many names were added to each list
of sanctioned persons; and
(vi) how many names were removed from each
list of sanctioned persons; and
(B) a detailed justification for each removal of a
name from a list of sanctioned persons under each
sanctions program for the prior calendar year.
(2) Classified annexes.--A report issued under paragraph
(1) may contain a classified annex when necessary.
(3) Consideration of gao study.--Before issuing a report
under paragraph (1), the Secretary of the Treasury shall review
any recommendations made by the Comptroller General in the
report issued under subsection (a)(2) and include in such
report any plans for addressing such recommendations.
(c) Definition.--In this section, the term ``frozen asset'' has the
meaning given that term in section 2(d) of this Act.
<all>
Introduced in House
Introduced in House
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Homeland Security, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Emergency Preparedness, Response and Communications.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line