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AC Highlights the Role of Financial Institutions in Combating Art Crime at CUNA BSA/AML Certification Conference with NASCUS

November 27, 2023

The American art market is the largest unregulated market in the world, making it vulnerable to a wide range of financial crimes. Financial institutions, like credit unions, can play a role in protecting our markets from bad actors, including those participating in the illicit trade of art and antiquities.

On November 8, Liz Fraccaro, Legal Consultant, represented the AC at the BSA/AML Certification Conference with NASCUS in Texas. Fraccaro spoke at a session, “Artful Dodgers: How Criminals Use Art and Antiquities to Facilitate Financial Crimes,” where attendees explore pathways to understand illicit financial activities and how to better protect their members and credit unions.

In her presentation, Fraccaro discussed how the lack of Anti-Money Laundering regulations on the art and antiquities markets in the United States created an attractive opportunity for financial criminals and kleptocrats to exploit for their own gains. The session also highlighted lessons learned from these illegal activities that have been useful when framing new laws and regulations and the opportunities available for stakeholders, governments, and policymakers to protect the legal art and antiquities markets.

The Antiquities Coalition, through our Financial Crimes Task Force Project, will continue to be a leader in this space as we find ways to protect the American art market from financial crimes. Learn more here.