Money laundering sanctions in the art market

Criminal sanctions, set by national law, range from a fine to imprisonment for money laundering or complicity. They may be accompanied by the confiscation of works and funds, including where they have been transformed or resold.

Administrative sanctions are imposed by the supervisory authority: warning, fine, temporary ban on practising, suspension or withdrawal of OIMAP approval. They penalise in particular the absence of a vigilance, reporting or training procedure.

Managers may be held personally liable where the breach results from a lack of organisation. The existence of a compliance officer, a written procedure, regular training and internal controls is a mitigating factor.

Conversely, concealment, repeat offending, failure to cooperate and having informed the client of a report are aggravating factors. Voluntary correction and full cooperation with the authority reduce the sanction.

Sanctions are more effective when States coordinate their actions. OIMAP has set up a mechanism for the rapid exchange of information on sanctioned operators, so that an operator suspended in one State cannot immediately resume business in another.

This mechanism respects the rights of the defence: the information transmitted is limited, sanctions are published without unnecessary personal data and remedies remain open.