ArtAML™ CEO Susan J Mumford participated in this panel discussion about the current state of fraud and financial crime in the art market. A particular highlight of interest to art businesses is the Luxury Goods Ban, for which Susan addresses the situation in the UK, EU, U.S. and Switzerland in the episode.

Overview:
The episode discusses the nature and extent of the risk of fraud and financial crime in the art market. The speakers discuss recent scandals which have highlighted the ability of dishonest dealers to defraud their clients. They also discuss the focus on money laundering since the art market was included within the scope of the EU’s fifth money laundering directive. The panellists also touch upon the impact of technology on the art market and the effect of non-fungible tokens and cryptocurrencies.

Listen now!

Listen to the podcast and/or read the transcript, published on 28th March 2022 via The Fountain Chambers website (where you’ll see links to podcast channels).

About the speakers:

This episode is hosted by Aaron Taylor, a barrister at Fountain Court. Joining Aaron in the discussion are:

• Susan Mumford: The CEO and co-founder of Art AML, a platform that assists a wide range of art market participants in complying with their anti-money laundering and international sanctions obligations. Before setting up Art AML in 2018, Susan spent a decade as an art dealer and adviser. She founded the Association of Women Art Dealers in 2009, and the organisation Be Smart About Art in 2012.

• Tim Maxwell: A Partner at Charles Russell Speechlys, and a recognised leader in the field of art law. He has represented clients across the art world – including artists, institutions, auction houses, galleries, and collectors – in cases involving artists’ rights, ownership, art finance, attribution, restitution, and many other issues – including several of the most high-profile disputes of recent times. Tim provides guest lectures at Sotheby’s Institute of Art, Christie’s Education, the University of Glasgow, and the Institute of Art and Law.
• Eleanor Davison: A senior junior at Fountain Court. Eleanor specialises in international civil and criminal fraud, bribery, money laundering, market abuse, insider trading, and sanctions – alongside banking, financial services, and regulatory investigations. She is instructed in a range of high-profile matters, including most recently the Dame Linda Dobbs Review into Lloyds Banking Group’s handling of the HBOS Reading affair, the inquiry into the Post Office Horizon software, and the proceedings brought by the Serious Fraud Office against Barclays Bank.