Money laundering: stronger measures

Henceforth, in terms of anti-money laundering, auctioneers will join art and precious object dealers in being placed under the supervision of the customs department, rather than their own Conseil des ventes. Should they fail to comply, they will be liable to the Commission nationale des sanctions (National Sanctions Commission), set up in 2009 to crack down on the failings of estate agents and gaming operators. This is one of the effects of an ordinance signed on February 12 , designed to implement the fifth European directive in 2018. The timetable is tight, as France is about to be assessed by the international action group set up by the G7 - the FATF -, which could well target the art market. Penalties for misconduct have also been increased, with up to five years' disqualification and fines of €5 million - or even double that in some cases - a far cry from the punishments…