On 22nd October 2019, the US House of Representatives passed HR 2514, also known as the ‘Counter Act’. If it passes the Senate and becomes law, the result will be anti-money laundering legislation impacting the art market on both sides of the Atlantic.
At the time of the following piece hitting the press, the bill had been referred to a Senate committee.
Our CEO was in communication with the journalist ahead of publication and was quoted as follows:
“This legislation presents the art market’s biggest move to transparency since the introduction of online auction records,” says Susan J Mumford, CEO of ArtAML™, a technology company providing an online anti-money laundering tool for art market participants. “The reality is that illicit funds are entering the industry and governments are taking action. The result is that art dealers on the front line will be required to conduct checks on buyers at sensitive moments in the middle of transactions.”
See the full piece published on 12th November 2019 by journalist Eileen Kinsella: https://news.artnet.com/art-world/art-dealers-congress-new-restrictions-1701399 .