31 U.S.C. § 312 Terrorism and Financial Intelligence

LibraryUnited States Statutes
Edition2023 Edition
CurrencyCurrent through P.L. 118-19 (published on www.congress.gov on 10/06/2023)
Citation31 U.S.C. § 312

(a) OFFICE OF TERRORISM AND FINANCIAL INTELLIGENCE.-

(1) ESTABLISHMENT.-There is established within the Department of the Treasury the Office of Terrorism and Financial Intelligence (in this section referred to as "OTFI"), which shall be the successor to any such office in existence on the date of enactment of this section.

(2) LEADERSHIP.-

(A) UNDERSECRETARY.-There is established within the Department of the Treasury, the Office of the Undersecretary for Terrorism and Financial Crimes, who shall serve as the head of the OTFI, and shall report to the Secretary of the Treasury through the Deputy Secretary of the Treasury. The Office of the Undersecretary for Terrorism and Financial Crimes shall be the successor to the Office of the Undersecretary for Enforcement.

(B) APPOINTMENT.-The Undersecretary for Terrorism and Financial Crimes shall be appointed by the President, by and with the advice and consent of the Senate.

(3) ASSISTANT SECRETARY FOR TERRORIST FINANCING.-

(A) ESTABLISHMENT.-There is established within the OTFI the position of Assistant Secretary for Terrorist Financing.

(B) APPOINTMENT.-The Assistant Secretary for Terrorist Financing shall be appointed by the President, by and with the advice and consent of the Senate.

(C) DUTIES.-The Assistant Secretary for Terrorist Financing shall be responsible for formulating and coordinating the counter terrorist financing and anti-money laundering efforts of the Department of the Treasury, and shall report directly to the Undersecretary for Terrorism and Financial Crimes.

(4) FUNCTIONS.-The functions of the OTFI include providing policy, strategic, and operational direction to the Department on issues relating to-

(A) implementation of titles I and II of the Bank Secrecy Act;

(B) United States economic sanctions programs;

(C) combating terrorist financing;

(D) combating financial crimes, including money laundering, counterfeiting, and other offenses threatening the integrity of the banking and financial systems;

(E) combating illicit financing relating to human trafficking;

(F) other enforcement matters;

(G) those intelligence analysis and coordination functions described in subsection (b); and

(H) the security functions and programs of the Department of the Treasury.

(5) REPORTS TO CONGRESS ON PROPOSED MEASURES.-The Undersecretary for Terrorism and Financial Crimes and the Assistant Secretary for Terrorist Financing shall report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives not later than 72 hours after proposing by rule, regulation, order, or otherwise, any measure to reorganize the structure of the Department for combatting money laundering and terrorist financing, before any such proposal becomes effective.

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