Daily Management Review

Money Laundering: Art Dealers Appeal to Europe


An American report that minimizes the risks of money laundering in the art market rekindles the controversy in Europe.

by Vincent Noce

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 CINOA is also asking the European Union to reconsider its new import regulations, currently being implemented, which it regards as “unworkable”. It is demanding that art market players be systematically consulted in policy changes concerning them and that they be preceded by serious impact studies. The confederation maintains that Europe has been influenced by a propagandistic arsenal, combined with sensationalist stories of market abuse, to develop strategies that are ineffective and, in the end, harmful to the cultural heritage. Click here to read more.