Bill > S2400

This bill aims to enhance financial transparency and combat potential money laundering in the art market by amending Title 31 of the United States Code to subject certain art traders to monetary transaction reporting requirements. Specifically, the bill would require art market professionals such as dealers, advisors, consultants, auction houses, and collectors to report transactions if they participate in a single transaction over $10,000 or total transactions valued at $50,000 or more in a year. The bill defines a "work of art" as original paintings, sculptures, watercolors, prints, drawings, photographs, installation art, and video art, while explicitly excluding applied art, product design, and mass-produced decorative items. The legislation mandates that the Treasury Department issue updated guidance on art transactions involving sanctioned persons within 360 days and develop proposed rules within 180 days, considering factors like geographical location and the role of intermediaries. The bill, known as the "Art Market Integrity Act," is designed to increase oversight of high-value art transactions and reduce the potential for financial crimes by requiring more comprehensive reporting from art market participants.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2400/all-info