Will US Congress Finally Pass Anti-Money Laundering Legislation?
Nick O'Donnell was quoted in the article, "Will US Congress Finally Pass Anti-Money Laundering Legislation?," which was published in The Art Newspaper on September 8, 2020.
The article discusses a recent Senate report finding that the secretive nature of the art trade enables dangerous money laundering. The report cites a recent case in which oligarchs believed to be aligned with Russian president Vladimir Putin were able to avoid the government’s financial restrictions in their U.S. art dealings. While the report calls for increased regulation of the art market to prevent corruption, Nick O'Donnell is skeptical that increased regulation would solve the problem and contends that it would instead place an undue burden on small businesses in the art market trying to comply with the proposed legislation.