1. Short title This Act may be cited as the National Strategy for Combating Terrorist, Underground, and Other Illicit Financing Act . 2. Findings The Congress finds the following: (1) The financing of terrorism and related forms of illicit finance present a direct threat to national security and a threat to global stability. (2) New terrorist groups or threats can form quickly, and other groups change tactics to adapt, creating a constantly changing terrorist environment, presenting ever-changing risks and challenges to programs to disrupt the financing of terrorism and related forms of illicit finance. (3) Terrorists in some instances have formed symbiotic relationships with, or are taking over, transnational crime syndicates, so that funding for both terrorism and profits from crime flow in the same fashion and often are indistinguishable. (4) Methods of concealing the movement of illicit funding change quickly in a globalized economy, and rapid technological changes and financial innovation pose new risks that may be increasingly difficult for governments to stay abreast of without an agile, constantly adjusted strategy to spot, disrupt, and prevent the financing of terrorism and related forms of illicit finance. (5) A bipartisan requirement to create a national anti-money laundering strategy enacted in 1998 expired in 2007. Given the rapid globalization and rapid technology changes of the financial sector, an updated strategy focused on the financing of terrorism is necessary. (6) It is important for the Government to have a unified strategy to fight financial crime and to update it annually, both to accommodate new and developing threats and to help Congress develop legislative and funding priorities. (7) An effective strategy to counter terrorism financing is a critical component of the broader counter terrorism strategy of the United States. 3. Development of national strategy (a) In general The President, acting through the Secretary shall, in consultation with the Attorney General, the Secretary of