News & Analysis as of

Art Dealers Fine Art Art Sales

Sullivan & Worcester

“ENABLERS Act” Pursues Art Market but Threatens Longstanding Protections Against Government Intrusion

Sullivan & Worcester on

Consistent with efforts in recent years to apply banking laws to the art market, the prospects of passage of a bill in Congress that would apply those rules to a broad category of advisors and attorneys have recently...more

Sullivan & Worcester

Responsible Art Market Initiative­--Intermediaries and Sustainability in the Art Market January 28, 2022 in Geneva

Sullivan & Worcester on

After a two-year hiatus, the Responsible Art Market Initiative is planning a return to its in-person annual conference at the end of this month in Geneva. For anyone who has attended RAM events or used its catalogue of...more

Sullivan & Worcester

FinCEN Issues Notice of Proposed Rulemaking to Regulate Dealers in Antiquities

Sullivan & Worcester on

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today published in the Federal Register notice of proposed regulations related to the implementation of amendments to the Bank Secrecy Act (BSA)...more

Sullivan & Worcester

FinCEN Signals Suspicion of Art Market Even Before AML Study Begins

Sullivan & Worcester on

In connection with the late-2020 amendment to the Bank Secrecy Act (BSA) to include “dealers in antiquities” as a result of its inclusion in the National Defense Authorization Act (NDAA), the Treasury Department’s Financial...more

Locke Lord LLP

Anti-Money Laundering Act’s Impact on Dealings in Art and Antiquities

Locke Lord LLP on

The Anti-Money Laundering Act of 2020 (the “AMLA”), which became law January 2, 2021 with Congress’ override of then President Trump’s veto of the Defense Appropriations Act of 2021 included provisions bringing dealers in...more

Ballard Spahr LLP

Art and OFAC

Ballard Spahr LLP on

As we’ve blogged, high-end artwork can create an ideal vehicle for money laundering. And, as we’ve also blogged, the Permanent Subcommittee on Investigations for the U.S. Senate released in July 2020 a detailed report titled...more

Kelley Drye & Warren LLP

OFAC Warns Art Market of Sanctions Risk

Last week, the Office of Foreign Assets Control (OFAC) issued an Art Advisory, warning of the sanctions risk presented by high-value artwork transactions due to the anonymity, lack of transparency, mobility of assets, and...more

Sullivan & Worcester

A Deaccessioning Decision Tree Grows in Brooklyn—Selling Museum Art in Hard Times

Sullivan & Worcester on

Robin Pogrebin at the New York Times has written an excellent piece on the news that the Brooklyn Museum intends to sell several works from its collection to raise money. The museum explicitly relies on the pandemic-inspired...more

Cohen & Gresser LLP

Senate Report Exposes the U.S. Art Market as a Hotbed for Money-Laundering and U.S. Sanctions Evasion

Cohen & Gresser LLP on

A congressional report released on July 29, 2020, by the Senate’s Permanent Subcommittee on Investigations, exposes how Russian oligarchs looking to evade U.S. sanctions are able to exploit loopholes in the art industry....more

Sullivan & Worcester

U.S. Senate Report Takes a Swing at Money Laundering in the Art Market But Strikes Out on Substance

Sullivan & Worcester on

A recent report by the U.S. Senate Permanent Subcommittee on Investigations (headlined by Chairman Senator Rob Portman, Republican of Ohio, and Ranking Member Tom Carper, Democrat of Delaware) has drawn widespread attention...more

Ballard Spahr LLP

Using Art to Evade Sanctions and Launder Money: The Senate Report

Ballard Spahr LLP on

Is Art an “Ideal Playing Ground” for Money Laundering? Last week, the Permanent Subcommittee on Investigations for the U.S. Senate released a detailed, 147-page report titled “The Art Industry and U.S. Policies That...more

K2 Integrity

Art and AML: Regulators Taking a Broad Brush Approach Using Financial Entity Regulatory Compliance as the Model for the Art World

K2 Integrity on

What do people see when they look at a piece of fine art—such as a painting by Cezanne, a sculpture by Giacometti, or a three-dimensional combine by Rauschenberg? To a great extent, it depends on who’s doing the looking. An...more

12 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide