Sec. 3. Federal grants used for investigating elder financial fraud, pig butchering, and general financial fraud
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State, local, and Tribal law enforcement agencies that receive eligible Federal grant funds may use such funds for investigating elder financial fraud, pig butchering, and general financial fraud, including by— hiring and retaining analysts, agents, experts, and other personnel; providing training specific to complex financial investigations, including training on— coordination and collaboration between State, local, Tribal, and Federal law enforcement agencies; assisting victims of financial fraud and exploitation; the use of blockchain intelligence tools and related capabilities related to emerging technologies identified in the February 2024 Critical and Emerging Technology List Update of the Fast Track Action Subcommittee on Critical and Emerging Technologies of the National Science and Technology Council (the Critical and Emerging Technology List ); and unique aspects of fraud investigations, including transnational financial investigations and emerging technologies identified in the Critical and Emerging Technology List; obtaining software and technical tools to conduct financial fraud and exploitation investigations; encouraging improved data collection and reporting; supporting training and tabletop exercises to enhance coordination and communication between financial institutions and State, local, Tribal and Federal law enforcement agencies for the purpose of stopping fraud and scams; and designating a financial sector liaison to serve as a point of contact for financial institutions to share and exchange with State, local, Tribal and Federal law enforcement agencies information relevant to the investigation of fraud and scams.
Each law enforcement agency that makes use of eligible Federal grant funds for a purpose specified under subsection
(a)shall, not later than 1 year after making such use of the funds, issue a report to the Federal agency that provided the eligible Federal grant funds, containing— an explanation of the amount of funds so used, and the specific purpose for which the funds were used; statistics with respect to elder financial fraud, pig butchering, and general financial fraud in the jurisdiction of the law enforcement agency, along with an analysis of how the use of the funds for a purpose specified under subsection
(a)affected such statistics; and an assessment of the ability of the law enforcement agency to deter elder financial fraud, pig butchering, and general financial fraud.