Senators Target the Art Market With New Anti-Money Laundering Rules

Senators Target the Art Market With New Anti-Money Laundering Rules

Senators Fetterman, Grassley, Whitehouse, Cassidy, Kim and McCormick want to align the U.S. art market with global AML laws.

US Senators propose anti-money-laundering legislation for the art market

The Art Market Integrity Act proposed by a bipartisan group of US lawmakers would bring US regulation in line with Europe and the UK

Fetterman, McCormick Lead Bipartisan Push to Clean Up Art Market Tied to Money Laundering and Terror Financing

WASHINGTON, D.C. — In a rare display of bipartisan cooperation, a coalition of U.S. senators led by John Fetterman (D-PA) and David McCormick (R-PA) introduced sweeping legislation Wednesday aimed at closing long-standing regulatory gaps in the U.S. art market—an industry valued at $25 billion annually and widely viewed by financial crime experts as a haven for illicit transactions. The Art Market Integrity Act, co-sponsored by Senators Chuck Gr…