Art Law Report

Bill Introduced in U.S. House of Representatives Would Impose Money Laundering Reporting Requirements on Art Dealers

Posted by Nicholas O'Donnell on May 24, 2018 at 10:00 AM

Casting aspersions about the art market is a popular pastime.  And no doubt there is much about the commercial art world that invites this criticism, not least a tendency towards secrecy (or discretion, depending whom you ask).  Sometimes these criticisms lean into suggestions of rampant criminality or money laundering, for which there is actually scant support. That is to say, there is a common suggestion that the lack of a single regulatory scheme over the art market (which is not to say it is unregulated, another misconception) is evidence of participation by dealers or collectors in illicit activity. In fact, as we have written before, the far greater risk is of being used by bad actors trying to launder money through art transactions.  For this and other reasons, we were proud to assist in drafting the Responsible Art Market initiative U.S. country guide and the more recent toolkit that was launched in January.

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Topics: OFAC, Christie's Inc., Responsible Art Market initiative, Money laundering, AML Program, Know your customer, H.R. 5886, Luke Messer, Office of Foreign Asset Control, Illicit Art and Antiquities Trafficking Protection, KYC

Changes in U.S. Law Regarding Cuba Will Affect the Arts

Posted by Nicholas O'Donnell on December 19, 2014 at 5:39 AM

This week’s biggest news story (apart from Above the Law’s Awesome Law Blogs of 2014) is the historic reopening of diplomatic relations between the United States and Cuba after more than fifty years. Like a coda to the end of the Cold War, we all found ourselves watching the President of the United States describing how there will once again be a U.S. embassy in Cuba. For those of us who have not been alive as long as diplomatic ties have been severed and the Castro regime has been in place, it was a remarkable sight indeed.

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Topics: Castro, Sudan, Gabriela Rangel, Auctions, U.S. Treasury’s Office of Foreign Assets Control, President of the United States, OFAC, Above the Law, Congress, Art Basel Miami Beach, North Korea, economic embargo of Cuba, Galleries, Wall Street Journal, President Obama, Art Fairs, State Sponsor of Terrorism List, Cuban peso, the Americas Society, 12 Awesome Law Blogs of 2014, Iran, ArtNet, Syria, Foreign Affairs, Art Law Report, State Department, Cuba, Cold War

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