A bipartisan group of U.S. Senators introduced the "Art Market Integrity Act," which would enforce anti-money laundering measures for art market businesses in the U.S. This legislation aims to align the U.S. art market with stricter AML regulations adopted by the U.K. and E.U. The Act has garnered support from six Senators, three from each party, highlighting bipartisan collaboration in Congress. Concerns exist regarding the implementation of measures that require businesses to conduct due diligence and adhere to KYC protocols to combat criminal activities linked to the art industry.
There is bipartisan interest in shining light into the murky world of art dealing. Kleptocrats, foreign adversaries and other bad actors abuse the opaque nature of the high-end art market to evade American sanctions and stow their loot behind the rule of law.
For decades, criminal enterprises have used America's multibillion-dollar art industry as a personal piggy bank for money laundering schemes, terrorist financing and other nefarious activities.
The proposed AML legislation is a rare instance of bipartisan collaboration. It would require art market businesses to comply with measures to prevent money laundering and the financing of terrorism.
If adopted, the legislation would bring the US art market more closely in line with the UK and EU, which have adopted stricter anti-money-laundering regulations.
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