shall make the first such designations not later than 90 
days after the date of the enactment of this Act. 
(b) PROCEDURE.— 
(1) NOTICE.—Before making a designation 
under this section, the Secretary shall notify, in 
writing, the Speaker and Minority Leader of the 
House of Representatives, the President pro tem-
pore, Majority Leader, and Minority Leader of the 
Senate, and the members of the relevant committees 
of Congress of the intent to designate an organiza-
tion under this section as a Foreign Financial 
Threat Organization and the factual basis for such 
designation. 
(2) PUBLICATION IN FEDERAL REGISTER.—The 
Secretary shall publish a designation made under 
this section in the Federal Register seven days after 
providing the notification under paragraph (1). 
(3) FREEZING OF ASSETS.—Upon notification 
under paragraph (1), the Secretary may require 
United States financial institutions possessing or 
controlling any assets of a Foreign Financial Threat 
Organization to block all financial transactions in-
volving those assets until further direction from the 
Secretary of the Treasury, an Act of Congress, or an 
order of a court. 
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(4) EFFECT OF DESIGNATION.—A Foreign Fi-
nancial Threat Organization shall be subject to the 
same penalties and procedures as an organization 
that has been designated as a specially designated 
global terrorist organization by the Secretary of 
State or the Secretary of the Treasury, as the case 
may be, pursuant to Executive Order 13224 (50 
U.S.C. 1701 note; relating to blocking property and 
prohibiting transactions with persons who commit, 
threaten to commit, or support terrorism). 
(c) ENFORCEMENT.—The Federal Government may 
take such actions as necessary against a Foreign Financial 
Threat Organization to protect the cybersecurity of the 
United States and limit the ability of the Foreign Finan-
cial Threat Organization to access internet or cellular 
services. 
(d) PROHIBITION ON CONTACT.—The Secretary of 
the Treasury shall take such actions as may be necessary 
to prevent a Foreign Financial Threat Organization from 
contacting United States citizens or aliens who are lawful 
permanent residents of the United States by phone, inter-
net, or email. 
(e) REPORT.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of the enactment of this Act, and annually 
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thereafter, the Secretary of the Treasury shall sub-
mit to Committees on Foreign Affairs and Financial 
Services of the House of Representatives and the 
Committees on Foreign Relations and Banking, 
Housing, and Urban Affairs of the Senate a report 
on the implementation of this Act. 
(2) CONTENTS.—Such report shall include— 
(A) an identification of covered organiza-
tions that have been designated as Foreign Fi-
nancial Threat Organizations; 
(B) the amount of assets seized from such 
Foreign Financial Threat Organizations; 
(C) the actions taken by the Secretary to 
identify such Foreign Financial Threat Organi-
zations; and 
(D) the amount of funds the Secretary was 
able to return to victims of fraud by such For-
eign Financial Threat Organizations. 
(3) FORM.—The Secretary shall make publicly 
available a version of the report required under this 
subsection that does not include any sensitive infor-
mation. 
(f) COVERED ORGANIZATION DEFINED.—In this Act, 
the term ‘‘covered organization’’ means a foreign entity 
(as defined in section 800.220(a) of title 31, Code of Fed-
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eral Regulations), including any subsidiary or affiliate of 
a foreign entity, that engages in fraudulent activity in an 
attempt to deceive United States citizens or aliens who 
are lawful permanent residents of the United States to 
provide cash or other assets to such foreign entity, as 
jointly determined by the Secretary of the Treasury and 
the Attorney General. 
Æ 
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