This bill mandates the Secretary of the Treasury to designate certain foreign entities as "Foreign Financial Threat Organizations" (FFTOs) within 90 days of enactment. A "covered organization" is defined as a foreign entity, including its subsidiaries or affiliates, that engages in fraudulent activity to deceive United States citizens or lawful permanent residents into providing cash or other assets, as jointly determined by the Secretary of the Treasury and the Attorney General. Upon notification to Congress of an intent to designate, the Secretary may require U.S. financial institutions to block all financial transactions involving the FFTO's assets. Designated FFTOs will be subject to the same penalties and procedures as organizations designated as specially designated global terrorist organizations under Executive Order 13224. The Federal Government may also take actions to protect U.S. cybersecurity, limit the FFTO's access to internet or cellular services, and prevent them from contacting U.S. citizens or residents. The bill further requires the Secretary of the Treasury to submit an annual report to Congress, starting two years after enactment, detailing the implementation of this Act. This report must include an identification of designated FFTOs, the amount of assets seized, actions taken to identify these organizations, and the funds returned to victims of fraud. A public version of this report, excluding sensitive information, must also be made available.