FinCEN Rules Seen As Potential 'Killer' Of Art, Antique Shops
Nicholas O'Donnell was quoted in the article "FinCEN Rules Seen As Potential 'Killer' Of Art, Antique Shops," published by Law360 [sub. req.] on April 20, 2021.
The article discusses the recent overhaul of federal anti-money laundering laws and how the laws could drive small- and mid-sized antiquities and art shops out of business over what some experts believe are overblown links to terrorist financing and other illicit activity.
Nick comments, "I think very few shops other than the major auction houses have existing staff for this sort of thing … and I don't think they're in the habit or in the practice of thinking about or filing these types of reports." Nick also noted that "small- to mid-sized dealers will face potential regulatory actions for noncompliance."