Webinar Registration: Join Us Live for the Release of the Financial Crimes Task Force Report
September 21, 2020
This summer, Congress released the results of a two year, bipartisan investigation confirming what the Antiquities Coalition and many members of the anti-money laundering community have long warned: Bad actors are exploiting the $28.3 billion American art market—with serious consequences for the United States, our national security, and the responsible art market.
The art market is a rapidly growing global trade, with weak regulations. The United States remains the world’s largest art market, valued at $28.3 billion, and accounting for 44% of the global total in 2019. Furthermore, art and collectible wealth held by ultra-high-net-worth individuals is predicted to grow from $1.62 trillion in 2016 to an estimated $2.7 trillion in 2026. Such rapid growth, coupled with weak regulation, has made the art market increasingly attractive to criminals.
Bad actors—including terrorist groups, kleptocrats, oligarchs, drug smugglers, and many others—have discovered the art market’s weaknesses, and merely exploit existing distribution channels to launder money, acquire arms, and extend their violent campaigns.
How can the U.S. government and private sector fight back? The Antiquities Coalition convened the Financial Crimes Task Force to explore solutions to this growing challenge and serve as an ongoing resource to policymakers. Chaired by Deborah Lehr, Antiquities Coalition chairman and founder, and John Byrne, vice chairman of AML RightSource, the Task Force brings together allies from the art, financial, and legal communities, as well as former law enforcement and government officials. Over the last year and a half, they have worked together to develop concrete solutions to protect the American art market from money laundering, terrorist financing, sanctions violations, tax evasion, fraud, forgery, and other financial crimes.
The resulting report calls for new policies, practices, and priorities for the United States to implement on its own and in conjunction with the private sector and international community.
Join the Financial Crimes Task Force at 1 p.m. EDT on Thursday, September 24, as they release their seminal report at this free, online event. Leading experts will discuss the findings of this multi-stakeholder initiative, offering insight into how the U.S. Government, art, and financial sectors can work together to combat crimes via cultural property.