OFAC & ART ADVISORY

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing this advisory to highlight sanctions risks arising from dealings in high-value artwork associated with persons blocked pursuant to OFAC’s authorities, including persons on OFAC’s List of Specially Designated Nationals and Blocked Persons.

This advisory describes

– characteristics of the market for high-value artwork that pose sanctions risks;

– emphasizes to art galleries, museums, private art collectors, auction companies, agents, brokers, and other participants in the art market the importance of maintaining a risk-based compliance program to mitigate such risks;

– and highlights that what is commonly described as the “Berman Amendment” to the International Emergency Economic Powers Act and the Trading with the Enemy Act does not categorically exempt all dealings in artwork from OFAC regulation and enforcement.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201030

Virginie Gastine Menou
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Publié le 18 novembre 2020 par

Kelly

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing this advisory to highlight sanctions risks arising from dealings in high-value artwork associated with persons blocked pursuant to OFAC’s authorities, including persons on OFAC’s List of Specially Designated Nationals and Blocked Persons.

This advisory describes

– characteristics of the market for high-value artwork that pose sanctions risks;

– emphasizes to art galleries, museums, private art collectors, auction companies, agents, brokers, and other participants in the art market the importance of maintaining a risk-based compliance program to mitigate such risks;

– and highlights that what is commonly described as the “Berman Amendment” to the International Emergency Economic Powers Act and the Trading with the Enemy Act does not categorically exempt all dealings in artwork from OFAC regulation and enforcement.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201030

Virginie Gastine Menou
RISQUES ET VOUS
http://www.risquesetvous.fr/
https://www.linkedin.com/company/risques-et-vous

Proposer une offre de job : https://graces.community/recruteurs/

Consulter les offres qui vous correspondent : https://job.graces.community/login

...
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