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The Art Market and Money Laundering: A Symposium
October 12, 2018 at 12:30 pm - 6:30 pm
The Art Market Studies MA program at the School of Graduate Studies holds a symposium titled “The Art Market and Money Laundering.” The symposium brings together notable experts from law enforcement, the art industry, academia, and financial crimes compliance to engage in a robust discussion on the current state of the art market and laundering and how more effectively to uncover, deter, and punish laundering while minimizing costs to the industry.
The art market is notoriously opaque and unregulated, which makes it particularly vulnerable to this kind of illicit activity. Dirty money, disguised as capital gains on the sale of one or more assets, is laundered by undervaluing art at purchase or overvaluing it at sale, making it difficult for financial institutions or law enforcement to find out. Transferring the value of the criminal proceeds is then implemented by simply transferring ownership of the asset.
International standards promulgated by the Financial Action Task Force have been adopted as domestic law by nearly every country of the world, with banks, broker-dealers, payment agencies, and other businesses subject to required preventative measures to prevent and uncover money laundering.
Should these same preventive measures apply to art dealers and other participants in the art market? Legislation proposed in the U.S. House of Representatives would do so. Would it work? Or would it prove onerous and ineffective, as some art market players have claimed? Are there other solutions to be found, for instance through self-regulation or blockchain technology?
Join us for thought proving discussion on the topic in a joint symposium hosted by Natasha Degen, chair, Art Market Studies, FIT School of Graduate Studies; Richard Gordon, director, Financial Integrity Institute, Case Western Reserve University; and Casey King, director, capstone program, Jackson Institute for Global Affairs, Yale University.
12:30–1 pm: Registration
1–1:15 pm: Welcome and Opening Remarks
1:15–2:45 pm: Panel 1
- Christopher McKeogh, FBI, New York
- Andrew Adams, AUSA, Deputy Chief, Money Laundering Division, Southern District of New York
- Leila A. Amineddoleh, Attorney at Law, New York
- John Byrne, AML Rightsource
- James E. McAndrew, Forensic Specialist, Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt LLP
- Moderator: Alek El Kamhawy, Senior Fellow, Institute of Financial Integrity, Case Western Reserve University
2:45–3 pm: Coffee Break
3–4:30 pm: Panel 2
- Jo Backer Laird, Of Counsel, Patterson Belknap Webb & Tyler
- Laura Patten, Art & Finance National Leader, Deloitte
- Andrew Schoelkopf, President, Art Dealers Association of America
- Emily Thompson, Fine Art Specialist, Emigrant Bank Fine Art Finance/Fine Art Asset Management
- Peter K. Tompa, Executive Director, Global Heritage Alliance
- Moderator: Margaret Carrigan, Deputy Art Market Editor, The Art Newspaper
4:30–5 pm: Closing Remarks
5–6:30 pm: Drinks Reception
This event is free and open to the public.