The Latest

Antiquities Coalition Partners with FACT Coalition to Combat Corruption

April 22, 2024

The American art market is the largest unregulated market in the world, making it vulnerable to a wide range of financial crimes. To fight back, the Antiquities Coalition is proud to announce that we have joined the Financial Accountability and Corporate Transparency (FACT) Coalition

Founded in 2011, the Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promotes policies to combat the harmful impacts of corrupt financial practices. As experts on financial crimes within the art market, the AC is proud to deepen our partnership with the FACT Coalition.

The AC recognizes that ongoing exemption from standard financial regulatory laws and oversight, which now cover all industries of comparable risk and size, is a documented and growing threat to our national security and integrity, as well as the vast majority of legitimate collectors, dealers, auction houses, and museums. 

Criminals, including blacklisted Russian oligarchs and Hezbollah financiers, are exploiting the art market’s vulnerabilities to commit a wide range of offenses from fraud to forgery, tax evasion, money laundering, and sanctions violations. By joining the FACT Coalition, the AC looks forward to partnering and expanding our work to strengthen, standardize, and enforce anti-money laundering practices and laws. 

“To best protect art, cultural heritage, and responsible market actors, we must strengthen rules surrounding art and anti-money laundering (AML), counter-terrorist financing (CFT), and sanctions. By joining the FACT Coalition, we are committed to combating these challenges head-on and will continue to champion the principles of accountability and integrity.” -Tess Davis, Executive Director

This announcement is the latest in an ongoing partnership between the Antiquities Coalition and the FACT Coalition. In September 2023, the FACT Coalition recognized AC’s Director of Programs, Helena Arose, as an anti-money laundering expert. The AC looks forward to future joint efforts to combat cultural racketeering. 

For additional information, visit the FACT Coalition’s website.