We know that many of these individuals and groups operate primarily overseas, and they don't have much money in the United States. So we've developed a strategy to deal with that. We're putting banks and financial ins utions around the world on notice, we will work with their governments, ask them to freeze or block terrorist's ability to access funds in foreign accounts. If they fail to help us by sharing information or freezing accounts, the Department of the Treasury now has the authority to freeze their bank's assets and transactions in the United States.
We have developed the international financial equivalent of law enforcement's "Most Wanted" list. And it puts the financial world on notice. If you do business with terrorists, if you support or sponsor them, you will not do business with the United States of America.
I want to assure the world that we will exercise this power responsibly. But make no mistake about it, we intend to, and we will, disrupt terrorist networks. I want to assure the American people that in taking this action and publishing this list, we're acting based on clear evidence, much of which is classified, so it will not be disclosed. It's important as this war progresses that the American people understand we make decisions based upon classified information, and we will not jeopardize the sources; we will not make the war more difficult to win by publicly disclosing classified information.
And, by the way, this list is just a beginning. We will continue to add more names to the list. We will freeze the assets of others as we find that they aid and abet terrorist organizations around the world. We've established a foreign terrorist asset tracking center at the Department of the Treasury to identify and investigate the financial infrastructure of the international terrorist networks.
It will bring together representatives of the intelligence, law enforcement and financial regulatory agencies to accomplish two goals: to follow the money as a trail to the terrorists, to follow their money so we can find out where they are; and to freeze the money to disrupt their actions.
We're also working with the friends and allies throughout the world to share information. We're working closely with the United Nations, the EU and through the G-7/G-8 structure to limit the ability of terrorist organizations to take advantage of the international financial systems.
The United States has signed, but not yet ratified, two international conventions, one of which is designed to set international standards for freezing financial assets. I'll be asking members of the U.S. Senate to approve the U.N. Convention on Suppression of Terrorist Financing and a related convention on terrorist bombings; and to work with me on implementing the legislation.