Bill > HR3523

This bill requires the Secretary of the Treasury to identify and designate "Foreign Financial Threat Organizations" (FFTOs), which are foreign entities engaging in fraudulent activities targeting U.S. citizens or lawful permanent residents. The designation process involves notifying congressional leaders and relevant committees, publishing the designation in the Federal Register, and providing a 90-day window for the first designations. Once designated, these organizations will have their assets frozen by U.S. financial institutions, face penalties similar to those applied to designated terrorist organizations, and be subject to additional enforcement actions. The Treasury Secretary must prevent these organizations from contacting U.S. citizens, and may take cybersecurity measures to limit their internet and cellular service access. Additionally, the bill mandates that the Secretary submit biannual reports to congressional committees detailing the designated organizations, seized assets, identification actions, and funds returned to fraud victims. A public version of the report will be made available, excluding sensitive information. The bill defines a "covered organization" as a foreign entity, including its subsidiaries or affiliates, that attempts to deceive U.S. citizens or residents into providing cash or assets through fraudulent activities.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/3523/all-info