Art traders call for review of AML/CFT regulations after US treasury report suggests prioritising shell companies and real estate
The world’s largest art trade federation is leading the call for a fundamental international review of policy making after a recent report commissioned by the US treasury department indicated that money laundering and terror finance risks associated with shell companies and the real estate sector…
Focus on trade in radically overhauled new US strategy for an international fight against corruption
The US will work with international partners as well as domestically to prevent, limit, and respond to corruption and related crimes in a significant overhaul of the way it targets public corruption that includes a clear focus on international trade according to a new plan…
Pandora Papers leak sharpens focus on art and antiquities trade, fortifies case for worldwide beneficial ownership transparency
The Pandora Papers leak of almost 12 million documents revealing hidden wealth and tax avoidance by some of the world’s rich and powerful also underlines the apparent ease with which the trade in art and antiquities has been used to launder the proceeds of stolen…
Gold trader a co-conspirator in drugs related money laundering operation
A gold trader has been named as a co-conspirator in an indictment against US Private Vaults, an anonymous safety deposit box business in Beverly Hills accused of money laundering and providing services for drug dealers. The US attorney for Los Angeles has accused US Private…
Geneva Freeport moves to curb money laundering and terrorism financing via antiquities trade
Geneva Freeport is responding to concerns about the trade in antiquities being used to facilitate money laundering and funding for arms traffickers and terrorist groups. Earlier this year, police discovered at the free port millions of US dollars worth of antiquities plundered over a period…
French banks close UK art trade accounts
French banks are closing UK art and antique dealers’ and shippers’ trade accounts according to the Antiques Trade Gazette (ATG). The trade publication for the UK’s art and antiques trade said that tighter regulations to prevent fraud and money laundering are prompting the banks to…
