scholarly journals Nowe regulacje dotyczące przeciwdziałania praniu pieniędzy w obrocie dziełami sztuki. Między implementacją V AMLD a rozwiązaniem systemowym

2021 ◽  
Vol 7 (1) ◽  
pp. 61-82
Author(s):  
Wojciech Szafrański
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Essential Elements ◽  
Due Diligence ◽  
Legal Regulations ◽  
Cultural Goods ◽  
Art Collectors ◽  
Works Of Art ◽  
Terrorism Financing ◽  
Legal Concepts

New regulations to counteract money laundering in the trading of works of art. Between the implementation of AMLD V and the systemic solution Implementing the 5th AML (Anti-Money Laundering) Directive in the form of a 2021 amendment to the Act on Counteracting Money Laundering and Terrorism Financing in Poland is of fundamental importance for the market. It will be binding upon entities such as entrepreneurs operating in the field of trading in works of art, collectors’ items, and antiques covered by transactions worth at least 10,000 euros. The AML Directive presents a fragmentation of the Polish legal regulations on trade and thus the obligations imposed on intermediaries in the art market, depending on whether the regulations are developed based on cultural heritage protection regulations or economic and financial regulations. It shows the incompatibility of concepts used in both fields and the range of meanings of legal concepts that are directly relevant for the law’s application, and the specification of obligations imposed on entrepreneurs specialized in the trade of what is broadly understood as cultural goods. The essential elements of AML, crucial for entities operating in the art market, were presented. Attention was also paid to further work on trading regulations based on the due diligence model.

scholarly journals Art Lawyers’ Due Diligence Obligations: A Difficult Equilibrium between Law and Ethics

2015 ◽  
Vol 22 (2-3) ◽  
pp. 401-417 ◽  
Author(s):  
Sandrine Giroud ◽  
Charles Boudry
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Due Diligence ◽  
Criminal Sanctions ◽  
Suspicious Transaction ◽  
Law And Ethics ◽  
Terrorism Financing ◽  
Professional Guidelines

Abstract:This article examines the duties of diligence of lawyers when handling art-related matters. Due diligence is paramount to any activity in the art market and a key element in ascertaining ownership, authenticity or provenance. In particular, it is a benchmark to help determine the existence of possible criminal activities, including money laundering, terrorism financing or document forgery, to which the art market is regularly exposed. The question arises as to the obligations incumbent to art lawyers who are privileged witnesses of the functioning of the art market. Such obligations include in particular the duty to enquire on the particularities of a transaction, the duty to terminate a mandate or the duty to report any suspicious transaction under threat of civil or criminal sanctions. A survey has shown that art law specialists would welcome more guidance in the form of tailored regulations or professional guidelines.

scholarly journals Collectors as consumers of works of fine art on the art market and their motivations

2021 ◽  
Author(s):  
Dmytro Akimov
Keyword(s):  
Methodological Approach ◽  
Fine Arts ◽  
Marketing Research ◽  
Art Market ◽  
Art Markets ◽  
Work Of Art ◽  
Marketing Technology ◽  
Art Collectors ◽  
Works Of Art ◽  
Art Marketing

The purpose of the article. Research and analysis of marketing technology algorithms by studying the motivations of collectors as consumers of fine arts products. The research methodology is to apply comparative, empirical, and theoretical methods. This methodological approach allows us to analyze the motivations of collectors as consumers of works of art with the subsequent use of research results in the marketing processes of promoting works of art in the art market. The scientific novelty lies in the expansion of ideas about the motivation of collectors as consumers in the market of fine arts and in the study of further marketing processes in the activities of collectors of works of art. The article analyzes the algorithms of marketing technologies in the analysis of motivations of collectors as consumers of the art market. The article establishes that in the marketing of fine arts it is relevant and necessary to study the behavior of collectors as consumers of works of art through the analysis of types of collectors, through the analysis of the processes of collecting works of art, through the analysis of situations of consumption of works of art. It should be noted that in the marketing of fine arts, the technologies of studying and analyzing the motivations of consumers of art markets in the promotion of works of art are purposefully and productively used. The analysis of motivations of consumers of art markets gives the chance to classify highly effective groups of consumers and admirers of works of fine arts according to their motivations. Conclusions. The article defines and analyzes the model of consumption of fine arts by Collectors, and, accordingly, describes the situations in which certain groups of individuals (consumer segments) acquire or collect works of art. It is proved that the collector's behavior in art marketing is based on three obligatory components: Individual (Collector) - Product (Work of art) - Situation (Consumption of a work of art in the art market). It is on these components that the types of motivation are formed, on which the model of consumption and consumer behavior is built. Thus, we have studied collectors as Individuals who consume works of art, which in turn are Products presented in kind in private (or other) collections, and we have studied the situations of consumption of works of art acquired in the collection. Keywords: art market, marketing research, motivation of consumers of works of art, collectors of works of art, behavior of consumers of art market.

Anti-money laundering regulation on the Brazilian art market

2019 ◽  
Vol 21 (123) ◽  
pp. 95
Author(s):  
Diogo De Oliveira Machado
Keyword(s):  
Money Laundering ◽  
Art Market ◽  
Regulatory Framework ◽  
Due Diligence ◽  
Brazilian Art ◽  
Regulatory Measures ◽  
Criminal Penalties ◽  
Regulatory Model ◽  
Administrative Sanctions ◽  
Bureaucratic Constraints

Anti-money laundering regulation on the art market, is it a friend or a foe? This research contributes new insights to test possible answers to this question through the analysis of Ordinance no. 396/2016/IPHAN, enacted in Brazil to establish compliance measures to be followed by art and antiquities dealers to control money laundering practices. A pyramidal regulatory model suggests a conjunction of self-regulatory measures, administrative sanctions and criminal penalties as useful instruments to mitigate these illicit practices. This study focuses on the administrative initiatives requiring art professionals to undertake anti-money laundering due diligence measures and it critically analyses the extent to which they may rearrange the relations between dealers and clients. The contributions of the regulatory framework are recognised in so far as it shows itself able to meet societal aspiration for a respectable art market through a shrewdly responsive intervention rather than just formal bureaucratic constraints.

scholarly journals Narratives of the provenance of art and antiquities on the market and the reality of origins at the source

2021 ◽  
Vol 32 (18 N.S.) ◽  
pp. 117-124
Author(s):  
Samuel Andrew Hardy
Keyword(s):  
North America ◽  
Political Violence ◽  
Art Market ◽  
Due Diligence ◽  
Cultural Goods ◽  
Cultural Objects ◽  
Illicit Flows ◽  
Provenance Research ◽  
Illicit Trafficking ◽  
Regional Problems

This essay presents the findings of the International Conference on Handling of Cultural Goods and Financing of Political Violence and introduces provenance research that examines the market in Europe for antiquities from Asia and the market in North America for antiquities from Europe. It summarises findings, such as the involvement of violent political organisations, transnational organised criminals and politically-exposed persons (PEPs) in illicit trafficking of cultural objects. It also highlights some foundations for progress, such as enhanced traceability and due diligence in the art market, plus action and cooperation to respond to illicit flows as regional problems.   On cover:ANNIBALE CARRACCI (BOLOGNA 1560 - ROME 1609), An Allegory of Truth and Time c. 1584-1585.Oil on canvas | 130,0 x 169,6 cm. (support, canvas/panel/str external) | RCIN 404770Royal Collection Trust / © Her Majesty Queen Elizabeth II 2021.

An analysis of the forfeiture regime under the anti-money laundering law

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Aspalella A. Rahman
Keyword(s):  
Money Laundering ◽  
Secondary Data ◽  
Primary Sources ◽  
Court Cases ◽  
Sources Of Information ◽  
Content Type ◽  
Terrorism Financing ◽  
Bona Fide ◽  
Descriptive Approach ◽  
Insight Into

Purpose This paper aims to analyze the forfeiture regime under the Malaysian anti-money laundering law. Apart from discussing the relevant provisions, several court cases also were examined to identify the problems which arise in the implementation of such a powerful forfeiture regime. Design/methodology/approach This paper mainly relies on statutes and court cases as its primary sources of information. It is supported by secondary data to justify the analysis. This paper also used analytical descriptive approach to analyze relevant forfeiture provisions from statutes and to examine current court cases regarding the implementation of the forfeiture regime. Findings The Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) provides comprehensive procedures for the forfeiture of criminal proceeds. Any limitations of the previous statutory legislations have been addressed, and more importantly, the AMLATFPUAA introduces more powerful and innovative measures that can facilitate the recovery of illegal proceeds from money laundering and any other serious crimes. The AMLATFPUAA also provides avenue for the bona fide third parties to contest the forfeiture order. However, it appears that such right is not easy to be enforced. Originality/value This paper provides an analysis of the forfeiture regime under Malaysian anti-money laundering laws. It is hoped that the content of this paper can provide some insight into this particular area for enforcement authorities, practitioners, academics, policymakers and legal advisers not only in Malaysia but also elsewhere. The findings of this paper also expose any weakness or lacunae in the aspects of application and implementation of the forfeiture regime. Thus, more effective and workable legal solution especially on the issue of civil forfeiture of criminal assets could be considered for further accomplishment.

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