The Financial Crimes Enforcement Network (FinCEN) of the USA has issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment on the implementation of amendments to the Bank Secrecy Act (BSA) in regard to antiquities trade. This is FinCEN’s first regulatory action to implement Section 6110 of the USA’s AML Act of 2020.
The BSA, as amended by Section 6110 of the AML Act, includes a person engaged in antiquities trade as a type of financial institution. This person could be an advisor, consultant, or any other person conducting business in antiquities. Section 6110 further requires the Secretary of the Treasury to publish the proposed rules to implement this amendment to the BSA. This amendment is important because money launderers, terrorist organizations and other financial criminals may exploit antiquities trade to avoid detection by law enforcement and to launder criminal proceeds through the US financial system.
In its ANPRM, FinCEN has invited members of the antiquities industry, civil society groups, law enforcement, as well as the general public to submit written comments by October 25, 2021. These comments will guide FinCEN in its drafting of the proposed rules.
Source: FinCEN, USA