But with the new legislation, Congress moved to broaden the 1970 Bank Secrecy Act, which increased federal scrutiny of financial transactions, to include the trade of ancient artifacts. Legal experts expect that the new antiquities regulations will be similar to others governing the precious metal and jewelry industries, where certain transactions are flagged to the authorities, who then determine whether they are suspicious. The law also seeks to end the use of shell companies to conceal the identities of buyers and sellers. The art industry has fought similar legislation that would have extended the Bank Secrecy Act into the art market. Federal disclosures show that the auction house Christie’s has paid lobbyists more than $100,000 over the last two years to influence the outcomes of such measures.

Source: New York Times January 01, 2021 19:46 UTC