To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.

This bill directs the Treasury Department to label certain foreign scam groups as “Foreign Financial Threat Organizations.” Within 90 days of becoming law, the first list must be made. Once a group is listed, U.S. banks can be told to freeze its assets, and the group would face the same tough penalties used under major U.S. terrorism sanctions. The government may also act to protect cybersecurity and limit these groups’ access to internet or cell services.

It also tells Treasury to stop these groups from contacting people in the U.S. by phone, internet, or email. Treasury must report which groups were named, how much money was seized, what was done to find them, and how much money was returned to victims, with a public version available. A “covered organization” is a foreign entity (including affiliates) that tries to trick U.S. citizens or lawful permanent residents into sending money or other assets.

• Who is affected: Foreign scam groups; U.S. banks; people in the U.S. who are targets of fraud
• What changes: Asset freezes, strong sanctions, cybersecurity and communications limits, and yearly public reporting on actions and recovered funds
• When: First designations within 90 days of enactment; reports due within 2 years and then every year after