The importance of financial flows generated by the art market naturally makes it a vector particularly exposed to the risks of money laundering and the circulation of goods from archaeological sites located in war zones represents a sensitive issue with regard to the risks for financing of terrorism.
On November 18, 2020, the Director General of Customs and Indirect Taxes (DGDDI) and the Director General of Tracfin (Intelligence Processing and Action Against Illegal Financial Circuits) co-signed the guidelines relating to the implementation, by operators of voluntary sales of furniture at public auctions, of their obligations.in the fight against money laundering and the financing of terrorism.
The document, of an explanatory nature, aims at guiding professionals in this sector in their understanding of the obligations: implementation of internal control, obligation of constant vigilance, notification to Tracfin in the event of suspicion, etc.
The DGDDI is in charge of monitoring compliance with the implementation of these processes and thus supports the professionals concerned in advance.
Full text & source: French Customs