U.S. Senator Fetterman urges FinCEN Rulemaking for Antiquities Industry
U.S. Senator John Fetterman (D-PA) penned a letter to U.S. Department of Treasury Secretary Scott Bessent urging the Financial Crimes Enforcement Network (FinCEN) to propagate rulemaking requiring antiquities dealers to comply with anti-money-laundering laws.
“I am very concerned that looted antiquities are helping fund the Iranian terrorist regime, as well as criminal enterprises and other sanctioned actors. In 2020, Congress passed bipartisan legislation requiring FinCEN to issue proposed rules for antiquities dealers, but those rules were withdrawn and never finalized. Final rulemaking would provide regulatory clarity to antiquities dealers, and help law enforcement fight the use of looted antiquities to fund terrorism, sanctions evasion, and criminal cartels,” wrote Senator Fetterman.
Congress passed bipartisan legislation in 2020 authorizing Treasury and FinCEN to propose rules to combat money-laundering and terrorist-financing using antiquities. Treasury previously proposed rules, but never finalized and ultimately withdrew the proposal. Criminal cartels and terrorist groups such as ISIS have laundered funds using antiquities, which have wound up in the U.S. market. U.S. Customs and Border Control in Philadelphia, for example, recently intercepted looted Bronze Age artifacts originally from Iran.
“Finalizing rulemaking to require basic due-diligence in the antiquities industry will help law enforcement stop the pipeline of funding to American’s adversaries from looted antiquities. Many industries, including casinos, jewelers, and pawn shops, already do basic due-diligence on their customers to stop money laundering and terrorist financing,” continued the senator. “I urge FinCEN to quickly finalize this rule and provide the clarity that antiquities dealers need to engage in this kind of basic due-diligence.”