AC Join 22 Organizations in Expressing Support for ENABLERS Act
August 20, 2022
The 52-year-old Bank Secrecy Act (BSA) is the primary law on anti-money laundering (AML) in the United States, but federal lawmakers must continue to amend it to further close loopholes that allow bad actors to exploit the $28 billion American art market.
Recent anti-corruption legislation, championed by Rep. Tom Malinowski (D-N.J.) and Rep. Joe Wilson (R-S.C.), would achieve this goal by adding “persons who trade in works of art, antiquities, or collectibles” to the list of high risk professionals and industries who must assist the U.S. government in preventing and detecting financial crimes.
Thanks to a vote by the House Armed Services Committee, the ENABLERS Act is included in this year’s National Defense Authorization Act, an annual congressional bill that establishes national security policies and spending.
The Antiquities Coalition was honored to join Transparency International U.S., 21 other organizations, and 10 individuals in sending a letter to U.S. House of Representatives Speaker Nancy Pelosi and Minority Leader Kevin McCarthy and to U.S. Senate Majority Leader Chuck Shumer and Minority Leader Mitch McConnell and voicing support for the ENABLERS Act.
The letters detail how the ENABLERS Act would safeguard the American art market, the largest unregulated market in the world:
“The ENABLERS Act represents a major, bipartisan opportunity to close the loopholes in U.S. law that are allowing corrupt foreign leaders to finance military aggression and repressive, undemocratic regimes by stealing money from their people and hiding that money in the United States. Such schemes are possible because current U.S. anti-money laundering (AML) law does not require those American middlemen who help move and hide this money to perform appropriate background checks on their clients.”
For too long, bad actors have exploited the global art market to fund money laundering schemes, terrorist organizations, and other financial crimes. The ENABLERS Act would emphasize that cultural racketeering is not a victimless crime, and these individuals must be held accountable for their actions against our cultural heritage and global security.
The Antiquities Coalition looks forward to continued collaboration with other anti-corruption organizations and the U.S. government to close loopholes in the American art market and combat cultural racketeering.
Read the full letter to the Senate here.
Read the full letter to the House here.