FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops
Al Barbarino, 20 April 2021
The recent overhaul of federal anti-money laundering laws could drive small- and mid-sized antiquities and art shops out of business over what some experts believe are overblown links to terrorist financing and other illicit activity.
The rules in the works at the Financial Crimes Enforcement Network through the National Defense Authorization Act for fiscal year 2021 aim to uncover what lawmakers have argued is a billion-dollar industry for the illicit trade of antiques and fine art.
But if small businesses aren’t exempt, the rules would weaken a sector of the industry that is still reeling from the impacts of COVID-19 with costly and time-consuming reporting requirements, industry attorneys said. Continue reading “Article: FinCEN Rules Seen As Potential ‘Killer’ Of Art, Antique Shops”
