Painting the picture: why art dealers should be added to Australia’s designated non-financial businesses and professions definition

Sophie Martin

Journal of Money Laundering Control, 2024, vol. 27, issue 6, 1078-1091

Abstract: Purpose - This paper aims to demonstrate to lawmakers that the addition of art dealers to the designated non-financial businesses and professions (DNFBPs) definition would provide Australia with more comprehensive protection against money laundering within the art market. Design/methodology/approach - The paper opted for an exploratory study using doctrinal and jurisdictional comparative analysis that focused on arguments for and against the inclusion of art dealers in respective DNFBPs definitions. Evaluation of these arguments concludes that art dealers should be included in Australia’s DNFBPs definition and subject to anti-money laundering (AML) regulation. Findings - The current omission of art dealers from Australia’s DNFBPs definition perpetuates AML vulnerabilities within the Australian art market. Originality/value - This paper fulfils an identified need to study high-value dealers not included in Australia’s DNFBPs definition and provide arguments for and against the inclusion of Australian art dealers in the listed DNFBP.

Keywords: Money laundering; Art dealers; Designated non-financial businesses and professions; Financial action task force (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jmlcpp:jmlc-01-2024-0020

DOI: 10.1108/JMLC-01-2024-0020

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