WASHINGTON, DC – Bipartisan legislation has been introduced that would require art dealers and auction houses to comply with anti-money-laundering and counter-terrorism financing regulations. Currently, the art market, a $25 billion industry in the United States and the largest of its kind globally, is one of the last major markets not required to meet these standards, making it vulnerable to exploitation by sanctioned individuals, terrorist financiers, and other criminals. Bill sponsors, PA U.S. Sen. Dave McCormick and John Fetterman say for too long, loopholes have allowed Russian criminal kingpins to evade sanctions and terrorists like Hezbollah to funnel money through art deals. The Art Market Integrity Act specifically targets high-risk art market transactions and would align the United States with international standards already adopted by the United Kingdom, European Union, and Switzerland, preventing America from becoming a safe haven for illicit activities.
SEN. JOHN FETTERMAN
SEN. DAVID MCCORMICK