SGS experts to Lead Discussion of Best Practices for Combating Money Laundering in the Art Market at Symposium in Geneva
The symposium will take place on November 13th and will address the current situation and outline how to prevent risk of money laundering in the art market.
November 13, 2015
November 13, 2015
Financial Action Task Force Addresses the Issue
As current events have demonstrated, the art market has not been spared from money laundering scandals. News reports attest that terror organizations finance their operations through the sale of cultural goods, among other sources.
In response, the FATF (Financial Action Task Force) has made recommendations for anti-money laundering regulations, which will be implemented in Switzerland and go into effect on January 1st 2016. Different perspectives on harbor regulations raise important questions for the art industry and the related risks of exposure to money-laundering.
Anti Money Laundering Symposium
Is the art market being abused as a way to launder criminal assets on a large scale? The symposium organized by the University of Geneva together with the Art-law Foundation aims at giving an overview of the current situation, presenting the regulations that apply to money laundering in the art market and outlining how to prevent associated risks.
With the purpose of advancing discussion of these issues, SGS Arts Services Managing Director, Yan Walther, and SGS Anti-Corruption services Global Manager, Céleste Cornu, will animate a roundtable to talk over due diligence necessary from art market stakeholders to prevent the risk of money laundering in the art market.
For further information, please contact us or visit the Arts and Culture Service.
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