Money Laundering: Art Dealers Appeal to Europe

Following the release of a rather cautious official American report on the risks of money laundering, the International Confederation of Art & Antique Market Professionals (CINOA ) has called for a “re-evaluation” of Europe’s measures to monitor the art market. The appeal gathered support from the International Association of Dealers in Ancient Art (IADAA) and Drouot Patrimoine. The confederation, which represents 5,000 dealers and auction houses in twenty countries, asks that “anti-money-laundering rules not be extended to the art market as planned”. The European Commission intends to submit any transaction of cultural property worth over €10,000 to scrutiny whoever is involved, a measure that the American report considers unnecessary. The…