S. 2670: Strengthening Targeting of Organized Predatory Scammers Act

This bill, titled the "Strengthening Targeting of Organized Predatory Scammers Act" or the "STOP Scammers Act," aims to enhance the U.S. government's ability to identify and respond to foreign organizations engaged in financial scams that target U.S. citizens and lawful permanent residents.

Key Provisions

• Designation of Organizations: The Secretary of the Treasury is responsible for designating certain foreign entities as "Foreign Financial Threat Organizations" (FFTOs). This designation must occur within 90 days after the bill's enactment.
• Notification Process: Before designating an organization as an FFTO, the Secretary must notify key Congressional leaders and committees of the intent to designate and the reasons for it.
• Publication in Federal Register: Once notified, the Secretary is required to publish the designation in the Federal Register within 7 days.
• Asset Freezing: After designation, U.S. financial institutions must block all financial transactions involving assets of the designated FFTO until further notice from the Secretary or other legal authority.
• Penalties: Organizations classified as FFTOs will face penalties similar to those imposed on groups designated as specially designated global terrorist organizations.
• Cybersecurity Actions: The federal government can take necessary measures to protect U.S. cybersecurity and limit the access of FFTOs to internet and cellular services.
• Communication Restrictions: The Secretary must also act to prevent designated FFTOs from contacting U.S. citizens or lawful permanent residents via phone, internet, or email.
• Reporting Requirements: The Secretary is required to submit a report to Congress every year, detailing the organizations designated as FFTOs, asset seizures, actions taken to identify such organizations, and financial restitution to victims.
• Definition of Covered Organization: The bill defines a "covered organization" as foreign entities involved in fraudulent activities aimed at deceiving U.S. citizens or lawful residents to obtain money or assets.

Implementation Timeline

The bill mandates a swift implementation timeline, requiring the designation of organizations within 90 days after the bill’s enactment and annual reporting thereafter.

Relevant Companies