Art and money laundering

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September 19 2017

Art lovers do not want to talk about money, certainly not publicly – and bankers like everything, just no risk. For them, however, art markets are precisely that: risk markets. How do these two come together in times of money laundering laws and due diligence? That is why yesterday at a seminar of the “Luxembourg Fine Art and Finance Association” (LAFA) in the offices of the law firm Arendt & Medernach on Kirchberg.

LAFA President Alain Mestat had invited experts. The moderator was fully aware of the fact that since the financial crisis of 2008/2009, many banks have no longer wanted to hear the word “art” – something a listener who works in a bank likes to confirm. And yet, how does the market deal with this? In 2015 came the fourth EU Directive on the Money Laundering Act. This did not have an impact on the art market.