Through the launch of a seminal paper and online resource, the Antiquities Coalition’s Financial Crimes Task Force is releasing a series of recommendations and strategies to protect the $26.6B American art market from money laundering, terrorist financing, and related threats.
Our webinar highlights the findings of this multi-stakeholder initiative, and offer insight into how the U.S. government, art, and financial sectors can work together to combat financial crimes via cultural property. The U.S. government and private sector must work together to bar criminals from exploiting the $28.3 billion American art market—the largest unregulated market in the world—or risk serious consequences for the country’s national security and economic integrity, as well as legitimate collectors, dealers, auction houses, and museums.
The Antiquities Coalition’s nonpartisan think tank convened the Financial Crimes Task Force to further this mission and serve as an ongoing resource to policymakers. The Task Force, the first of its kind, unites allies from the cultural heritage, financial, and legal communities, as well as former law enforcement and government officials. This diverse group of experts has worked together to develop recommendations for protecting the American art market from money laundering, terrorist financing, sanctions violations, tax evasion, fraud, forgery, and related crimes. On September 24, 2020, the Task Force published their first joint report, Reframing U.S. Policy on the Art Market: Recommendations for Combating Financial Crimes. It details documented risks facing the American art market from money laundering, terrorist financing, sanctions violations, tax evasion, fraud, forgery, and other related crimes. More importantly, it puts forward 44 recommendations to fight back, including new policies, practices, and priorities that can be implemented by the U.S. government, art market, financial industry, and international community. We hope that these recommendations and accompanying resources, developed by industry leaders, will help to cement America’s standing as a leader in the fight against financial crimes.
