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

Block foreign scam rings and contacts

This bill would let Treasury, with the Attorney General, label certain foreign fraud groups as Foreign Financial Threat Organizations. The first designations would be due within 90 days after enactment. Before designating, Treasury would notify key Members of Congress in writing, then publish the designation seven days later in the Federal Register. After giving that notice, Treasury could order U.S. banks to block all transactions involving the group’s assets until Treasury, Congress, or a court allows release. Labeled groups would face the same penalties and procedures used for terrorist designations under Executive Order 13224. The government could limit a group’s internet or cellular access, and Treasury would act to stop the group from contacting U.S. citizens or lawful permanent residents by phone, internet, or email.