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Senate Subcommittee Report Highlights Money Laundering and Sanctions Risks in the Art Industry
27 August 2020
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On July 28, 2020, following a two-year investigation, the Senate Permanent Subcommittee on Investigations (“PSI”) released a report suggesting that high-value art transactions present an attractive vehicle for money laundering and sanctions evasion.
The PSI recommends imposing regulatory compliance obligations on auction houses and art dealers in the United States, similar to those already in effect in the European Union. The PSI also suggests taking steps to ensure greater transparency and accountability in the industry.
We summarize the PSI’s investigation as well as key findings and recommendations in the resulting report. We also outline potential implications for the art industry should U.S. regulatory and law enforcement authorities implement any of these recommendations.
Banking Enforcement & Litigation
Mark P. Goodman
Satish M. Kini
Andrew M. Levine
William H. Taft V
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