Congress Continues Bipartisan Push to Tackle Financial Crimes in the Art Market
October 28, 2019
This week, Congress moved forward with proposed legislation that would help to close the $26.6. billion American art market to money laundering, terrorist financing, and other crimes.
On October 22, the U.S. House of Representatives passed the bipartisan Corporate Transparency Act of 2019 (H.R. 2513). The bill would remove antiquities dealers’ current exception from the Bank Secrecy Act (BSA), which would require them to assist the U.S. government in detecting and preventing financial crimes.
They will be in good company as dealers in precious metals, stones, and jewels are already subject to the BSA, as are sellers of automobiles, planes, and boats, casinos, pawnbrokers, real estate professionals, and travel agencies.