Bank Secrecy Act

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On January 1, 2021, Congress voted to override President Trump’s veto of the National Defense Authorization Act for Fiscal Year 2021,[1] which includes provisions that will have significant implications for the antiquities market, and could eventually impact the art market as well.

The New Legislation Extends Bank Regulations to …
Continue Reading National Defense Authorization Act Imposes Anti-Money Laundering Regulations on Antiquities Market and Calls For Study on Role of Art Market in Money Laundering

On July 29, 2020, the Senate Committee on Homeland Security and Governmental Affairs issued a 150-page bipartisan report that identifies the art market both as the “largest legal, unregulated market in the United States” and a significant weakness in the nation’s sanctions and anti-money laundering regimes.[1]  The Senate Report…
Continue Reading Senate Report Documents Russian Oligarchs’ Use of the U.S. Art Market to Launder Money