Fraud Accountability Act: Withholding Foreign Aid for Non-Cooperation
This act aims to recover taxpayer money stolen through fraud, especially when funds are transferred abroad. It prohibits financial assistance to countries that fail to extradite fraudsters or assist in recouping stolen funds. This means foreign governments will have a stronger incentive to help the U.S. pursue criminals and recover money, potentially enhancing the security of public finances.
Key points
Foreign Aid Ban: The U.S. President cannot provide assistance to countries that fail to extradite individuals convicted of fraud against the U.S. or fail to help recover stolen funds.
Stolen Funds Recovery: The act aims to facilitate the recovery of federal funds stolen through fraud by identifying, freezing, seizing, and repatriating these assets.
Waiver Provision: The President can waive the prohibition if deemed necessary for U.S. national security, with prior notification to Congress.
Reporting: The Secretary of State will annually report to Congress a list of non-compliant countries and the amounts of fraudulently obtained funds attributable to their failure to cooperate.
Introduced
Citizen Poll