Office of Terrorism and Financial Intelligence Law and Legal Definition
The Office of Terrorism and Financial Intelligence (OTFI) is a U.S. government agency within the U.S. Department of the Treasury. The OTFI organizes the Department's intelligence and enforcement functions with the twin aims of safeguarding the financial system against illicit use and combating rogue nations, terrorist facilitators, money launderers, drug kingpins, and other national security threats.
The OTFI develops and implements U.S. government strategies to combat terrorist financing domestically and internationally. It also develops and implements the National Money Laundering Strategy as well as other policies and programs to fight financial crimes.
The Under Secretary of the Treasury for Terrorism and Financial Intelligence heads the OTFI. OTFI oversees the Office of Terrorist Financing and Financial Crimes, the Office of Intelligence and Analysis, the Office of Foreign Assets Control, the Financial Crime Enforcement Network and the Treasury Executive Office for Asset Forfeiture.
The following is an example of a federal statute on Office of Terrorism and Financial Intelligence.
31 USCS § 312. Terrorism and financial intelligence
(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) other enforcement matters;
(F) those intelligence analysis and coordination functions described in subsection (b); and
(G) 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.
(6) Other offices within OTFI. Notwithstanding any other provision of law, the following offices of the Department of the Treasury shall be within the OTFI:
(A) The Office of the Assistant Secretary for Intelligence and Analysis, which shall report directly to the Undersecretary for Terrorism and Financial Crimes.
(B) The Office of the Assistant Secretary for Terrorist Financing, which shall report directly to the Undersecretary for Terrorism and Financial Crimes.
(C) The Office of Foreign Assets Control (in this section referred to as the "OFAC"), which shall report directly to the Undersecretary for Terrorism and Financial Crimes.
(D) The Executive Office for Asset Forfeiture, which shall report to the Undersecretary for Terrorism and Financial Crimes.
(E) The Office of Intelligence and Analysis (in this section referred to as the "OIA"), which shall report to the Assistant Secretary for Intelligence and Analysis.
(F) The Office of Terrorist Financing, which shall report to the Assistant Secretary for Terrorist Financing.
(7) FinCEN.
(A) Reporting to Undersecretary. The Financial Crimes Enforcement Network (in this section referred to as "FinCEN"), a bureau of the Department of the Treasury, shall report to the Undersecretary for Terrorism and Financial Crimes. The Undersecretary for Terrorism and Financial Crimes may not redelegate its reporting authority over FinCEN.
(B) Office of Compliance. There is established within FinCEN, an Office of Compliance.
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