1. Short title This Act may be cited as the Terrorist Asset Seizure Reform Act of 2018 . 2. Confiscation of assets (a) Confiscation of interest (1) Initial confiscation As soon as practicable after the date of the enactment of this Act, but in no case later than 18 months after the date of the enactment of this Act, the Secretary shall require each financial institution to transfer to the Secretary all amounts of interest paid by such financial institution on frozen bank accounts. (2) Ongoing confiscation One year after the initial confiscation under paragraph (1), and annually thereafter, the Secretary shall require each financial institution to transfer to the Secretary all amounts of interest paid by such financial institution on frozen bank accounts in the previous year. (3) Interest deposited into Confiscated Assets Fund The Secretary shall deposit all amounts received under this subsection into the Confiscated Assets Fund. (4) Rule of construction Paragraphs (1) and (2) shall only apply to interest paid on an account after the account became a frozen bank account. (b) Confiscations related to non-State terrorism (1) Special rule for confiscations related to non-state terrorism (A) In general With respect to a frozen asset of a person described in subparagraph (B)— (i) at the time such asset is frozen or otherwise blocked, or within 6 months of the date of the enactment of this Act with respect to an asset frozen or otherwise blocked before such date of enactment, the Secretary shall— (I) publish public notice that the asset is being frozen or otherwise blocked; and (II) provide the owner of the asset and other interested parties with a 1-year period to challenge such freezing or blocking