Legislative Alert

Legislative Alert: HR5886 - Bank Secrecy Act to apply to Art & Antiquities Dealers

 By U.S. Treasury Dept. [Public domain], via Wikimedia Commons

By U.S. Treasury Dept. [Public domain], via Wikimedia Commons

Legislation (HR 5886) has been introduced in the House of Representatives which calls for the Bank Secrecy Act to apply to Art and Antiquities dealers.

Under this legislation, U.S. art and antique dealers with as little as $50,000 in annual purchases/sales would be required to report international transactions and collect and report client’s personal information.  If a business is non-compliant, the consequences could include closure of the business’ bank accounts and even imprisonment.

More information about this legislation and the potential negative impacts it could have on the art market can be found on the Cultural Property News website. 

ATADA Written Testimony Submitted to Senate Hearing on STOP Act 2017

On November 8th, 2017, the Senate Committee on Indian Affairs held a hearing on the Safeguard Tribal Objects of Patrimony Act of 2017.  ATADA President, John Molloy, had planned to present oral testimony before the committee; however, the only person allowed to testify in person was Governor Riley of Acoma Pueblo.   The committee did allow the submission of written testimony. A copy of this testimony can be downloaded by clicking the link below. 

Written testimony was also submitted by the Committee for Cultural Policy (CCP) and the Global Heritage Alliance (GHA). Both organizations have permitted us to make those documents available.  

No votes were taken during the hearing. The House Committee on Indian Affairs has not yet met to discuss the legislation.   

The full text of the Senate and House bills can be downloaded below:

S.1400

H.R.3211

We have made progress against this legislation, but there is still much to do.  This will be an ongoing issue for some time. ATADA will continue to voice our position on this legislation. We need your help to continue this work. If you have not done so, please contribute to the ATADA Legal Fund today.  Any amount is greatly appreciated! 
If you have made a contribution in the past, please consider doing so again. 

Information on how to make your contribution can be found on the Legal Fund page: atada.org/legal-fund

Contributor information is kept confidential.