The global trade in art and antiquities is a highly profitable industry. While the vast majority of sector participants have no connection to illicit activities, the trade in high value objects, combined with the sector’s history of privacy and the use of third-party intermediaries make it particularly attractive for criminals seeking to launder the proceeds from drug trafficking, corruption and other crimes. Terrorist groups have also been known finance their operations through the sale of cultural objects from areas where they operate.  

Globally, there is limited awareness and understanding of these risks.  In February 2023, the FATF published a report on the methods that criminals, including terrorists or terrorist groups, used to exploit the arts and antiquities market. The report includes risk indicators and some good practices that countries have taken to address these challenges. 

On 5 July, the FATF brought together public sector and civil society representatives in a virtual panel to discuss what governments, banks and art market participants, can do to prevent misuse of sector for illicit financing.  In particular, panellists discussed: 

• Key money laundering and terrorist financing risks
• The role of the private sector in detecting and preventing money laundering, including challenges and good practices to identify suspicious activities 
• Examples of successful investigation strategies and effective supervision of the sector