116 STAT. 2398 PUBLIC LAW 107-306—NOV. 27, 2002 (1) the Select Committee on Intelligence and the Committees on Armed Services and Appropriations of the Senate; and (2) the Permanent Select Committee on Intelligence and the Committees on Armed Services and Appropriations of the House of Representatives. Subtitle E—Terrorism 50 USC 404n-l. SEC. 341. FOREIGN TERRORIST ASSET TRACKING CENTER. (a) ESTABLISHMENT. — The Director of Central Intelligence, acting as the head of the intelligence community, shall establish in the Central Intelligence Agency an element responsible for conducting all-source intelligence analysis of information relating to the financial capabilities, practices, and activities of individuals, groups, and nations associated with international terrorism in their activities relating to international terrorism. (b) DESIGNATION.— The element established under subsection (a) shall be known as the Foreign Terrorist Asset Tracking Center. (c) DEADLINE FOR ESTABLISHMENT.— The element required by subsection (a) shall be established as soon as practicable after the date of the enactment of this Act, but not later than 90 days after that date. 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: "SEMIANNUAL REPORT ON FINANCIAL INTELLIGENCE ON TERRORIST ASSETS 50 USC 404m. "SEC. 118. (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.
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