The bill aims to combat elder financial fraud, pig butchering, and general financial fraud. It allows State, local, and Tribal law enforcement agencies to use eligible Federal grant funds for investigating these crimes and report their use. The bill requires a report on efforts and recommendations related to these types of fraud and scams and mandates a report on the state of scams in the United States. Additionally, it calls for Federal law enforcement agencies to assist local enforcement in using tracing tools for blockchain and related technology tools.
Guarding Unprotected Aging Retirees from Deception Act or the GUARD Act
This bill allows state, local, and tribal law enforcement agencies and grantees that receive funds from certain law enforcement grant programs to use the funds to investigate general financial fraud, elder financial fraud, and pig butchering. Pig butchering refers to a confidence and investment fraud in which a victim is gradually lured into transferring increasing amounts of money, generally in the form of cryptocurrency, into a fake virtual investment.
The bill allows federal law enforcement agencies to assist state, local, and tribal law enforcement agencies and fusion centers in the use of tracing tools for blockchain and related technology tools.
Finally, the bill requires the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) to report on efforts and recommendations related to general financial fraud, elder financial fraud, pig butchering, and scams. The bill also requires Treasury and FinCEN to report on the state of scams in the United States, including information about crimes committed, federal civil and criminal enforcement actions, and federal efforts to address the crimes.