(B) COVERED
PERSONS.—A person de-
scribed 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 Des-
ignated Global Terrorist by the Depart-
ment 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 AS-
SETS 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. 
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(c) SAFE HARBOR.—Compliance with this section 
and any regulation, instruction, or direction issued pursu-
ant to this section shall to the extent thereof be a full 
acquittance and discharge for all purposes of the obliga-
tion 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 ad-
ministration 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 ‘‘fi-
nancial institution’’ has the meaning given that term 
under section 5312 of title 31, United States Code. 
(2) FOREIGN PERSON.—The term ‘‘foreign per-
son’’ 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 other-
wise blocked pursuant to sanctions under any 
provision of United States law, as determined 
by the Secretary; and 
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(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 at-
tachment pursuant to section 201 of the 
Terrorism Risk Insurance Act of 2002 (28 
U.S.C. 1610 note). 
(4) FROZEN BANK ACCOUNT.—The term ‘‘fro-
zen bank account’’ means a deposit account main-
tained at a financial institution that consists of fro-
zen assets. 
(5) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
SEC. 3. CONFISCATED ASSETS FUND. 
(a) ESTABLISHMENT.—The Secretary of the Treas-
ury shall establish a fund to be known as the ‘‘Confiscated 
Assets Fund’’. 
(b) USE OF FUND.—Amounts in the Confiscated As-
sets 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). 
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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 en-
actment of this Act, the Comptroller General of the 
United States shall initiate a study on how the Of-
fice of Foreign Assets Control of the Department of 
the Treasury can better track frozen assets, manage 
data relating to such frozen assets, and improve re-
porting 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 para-
graph (1); and 
(B) such recommendations that the Comp-
troller General may determine appropriate. 
(b) SECRETARY OF THE TREASURY REPORT.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury, in consultation with the Attorney General, the 
Secretary of State, and the heads of other appro-
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priate Federal agencies, shall issue an annual report 
to the Congress containing— 
(A) comprehensive and detailed data re-
garding frozen assets across all sanctions pro-
grams 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 re-
moval of a name from a list of sanctioned per-
sons 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. 
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(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 recommenda-
tions. 
(c) DEFINITION.—In this section, the term ‘‘frozen 
asset’’ has the meaning given that term in section 2(d) 
of this Act. 
Æ 
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