Brussels Advocates for Stricter Money-laundering Rules
June 28, 2012
Art Market is notoriously opaque. Only the tip of the iceberg is visible as far as transactions and deals are concerned. In an effort to regulate the art market, Belgium is considering changes to money-laundering legislation, which could mean that art galleries will need to register as “high-value dealers” and comply with stricter guidelines when accepting cash from buyers. “At the moment, galleries and auction houses must register as high-value dealers if they accept cash transactions of €15,000 or more.” Apparently, the European Commission recommended lowering this threshold. One of the leading art attorneys with Withers, was quoted as saying “Lowering the threshold will not make life more difficult for money launderers… It will, however, make business more difficult for the art trade. It is the smaller dealers in antiques and lower-end fine art who accept cash: and they’re the ones suffering most in this economic climate.”
For the full article, visit The Art Newspaper.