US TREASURY SAYS ART FINANCE BUSINESSES SHOULD FALL UNDER AMERICAN AML CONTROLS
February 6th, 2022
A US Treasury report has proposed extending American AML laws already imposed on general financial institutions to art finance providers, after concluding they are particularly vulnerable to money laundering. A detailed study mandated in the 2020 Anti-Money Laundering Act concluded: “The lack of AML/CFT coverage of art finance service providers creates a market ripe for regulatory arbitrage, where illicit actors could target these…providers,” notably when they enable “leveraged acquisitions, art-collateralised lending, and other financial services in the ...
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