This bill establishes a Caribbean and Latin America Maritime Security Initiative to combat illegal, unreported, and unregulated fishing in the region, with particular focus on Chinese fishing vessels operating without authorization. The program requires the Departments of Defense, Homeland Security, and State, along with other federal agencies, to work together to strengthen maritime security partnerships by enhancing partner countries' ability to monitor and enforce fishing laws within their territorial waters, improving coordination with regional allies, and deploying Coast Guard personnel to support capacity-building efforts. The bill mandates that within one year, these agencies submit a comprehensive strategy report to Congress detailing ongoing efforts to prosecute IUU fishing cases, assess problems with vessels flying flags of convenience, and evaluate actions needed to combat IUU fishing through international partnerships and cooperation with nongovernmental organizations. The legislation also grants the President authority to impose sanctions on foreign persons and vessels engaged in illegal fishing, including blocking their property in the United States, denying them port access, and restricting their access to U.S. financial institutions, with annual reporting required to Congress on enforcement actions.