London Daily

Focus on the big picture.
Thursday, Jul 10, 2025

FinCEN Warns Art and Antiquities Traders of New AML Measures

FinCEN Warns Art and Antiquities Traders of New AML Measures

U.S. authorities will impose new anti-money laundering rules on the art and antiquity market which is believed to have been frequently used for concealing the origins of illegally obtained money and even for terror financing.
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a so-called Blue Box Notice on Tuesday to inform art and antiquities traders that they will be held to the same reporting standards as financial institutions are under the 1970 Bank Secrecy Act (BSA).

This means that they will have to submit suspicious activity reports (SARs) for antiquities trade.

The new rules come just months after a congressional bill gave the Treasury Department a year to come up with regulations to help mitigate the threat of money laundering, crime and terror financing in the antiquities trade.

“Financial institutions with existing BSA obligations, including the reporting of suspicious activity, should be aware that illicit activity associated with the trade in antiquities and art may involve their institutions,” the Blue Box Notice read.

It also said that crimes relating to antiquities and art may include looting or theft, the illicit excavation of archaeological items, smuggling, and the sale of stolen or counterfeit objects as well as money laundering and sanctions violations.

Such crimes “have been linked to transnational criminal networks, international terrorism, and the persecution of individuals or groups on cultural grounds,” the document said.

Indeed, the trade, which according to a 2018 report by Standard Charter Bank is believed to be a multi-billion dollar industry has been found to be a frequent funding source for terrorism and organized crime.

“You cannot look at it separately from combating trafficking in drugs and weapons. We know that the same groups are engaged, because it generates big money,” said Catherine de Bolle, Executive Director of Europol after a major crackdown on the illegal antiquities trade back in May.
Comments

Boris Bolinski 4 year ago
Art and antiquities have been smuggled, stolen and used as collateral or 'money' for hundreds of years. Recent wars (Afghanistan, Iran, Syria, Congo, Mali etc) caused a great deal of looting and smuggling and until recently it was even possible to purchase antiquities of suspicious origin from shops near the British Museum. Like all illicit activity it depends on the opportunity and potential profits.

Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×