Prohibits U.S. foreign assistance to countries that fail to extradite U.S. fraud convicts or recoup stolen funds.
The Fraud Accountability and Recovery Act amends the Foreign Assistance Act of 1961 to prohibit the President from providing assistance to any country that fails to extradite individuals convicted of fraud against the United States or to take measures to recoup stolen funds. The President may waive this prohibition if it is deemed contrary to U.S. national security, but must notify Congress. The Act also mandates an annual report from the Secretary of State on countries that fail to comply with these measures.
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