Basel Art Trade Guidelines and Anti-Money Laundering Principles

Basel Art Trade Guidelines

The Basel Art Trade Guidelines seek to support the art market in its efficient and fair functioning. They aim to provide practical guidance for the sale of art objects. The Guidelines seek to establish, through a self-regulatory mechanism, the provenance of an art object and the provenance of the funds used in the purchase of the object.

The Guidelines are based on consultations with representatives of the art trade and on existing guidelines of national and international trade associations and organisations, thus seeking to harmonise and bring together market best practices. They do not seek to replace the existing rules and national law, but to complement them, providing consistency and a level playing field.

The scope of the Guidelines is intended to cover all art market operators as well as the objects of the market – art objects and collectable objects.

Basel Art Trade AML Principles

In 2018, the Basel Institute on Governance published the Basel Art Trade Anti-Money Laundering Principles. This paper seeks to complement and set out in more detail the anti-money laundering aspects of the 2012/2018 Guidelines.

These principles are addressed principally to art market operators, as well as service industries that support the trade in art objects such as banks, insurance companies and lawyers. The main purpose is to help all stakeholders in the art trade being misused for money laundering.

Year
2010
Country
International
Sector
Media and culture
Facilitator/Monitor
Basel Institute on Governance
Active
Complete

Last updated: 13.05.2020

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