H.R. 3523 — To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations, and for other purposes.

This section directs the Secretary of the Treasury, jointly with the Attorney General, to designate foreign entities (as defined in 31 C.F.R. § 800.220(a)), including subsidiaries or affiliates, that engage in fraudulent activity to obtain cash or assets from U.S. citizens or lawful permanent residents as "Foreign Financial Threat Organizations," with initial designations required within 90 days of enactment. Requires written notice to specified congressional leaders and committees prior to designation, Federal Register publication seven days after notice, and immediate asset blocking by U.S. financial institutions upon notice; subjects designated organizations to the same penalties and procedures as specially designated global terrorists under Executive Order 13224 (50 U.S.C. 1701 note). Authorizes federal actions necessary to protect U.S. cybersecurity, limit designated organizations' access to internet or cellular services, and prohibit their contact with U.S. citizens or lawful permanent residents by phone, internet, or email. Requires the Secretary to submit reports to the House Committees on Foreign Affairs and Financial Services and the Senate Committees on Foreign Relations and Banking, Housing, and Urban Affairs initially within two years of enactment and annually thereafter, detailing designations, seized assets, identification actions, and funds returned to fraud victims (with a public version omitting sensitive information).