Painting the picture: why art dealers should be added to Australia’s designated non-financial businesses and professions definition
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
Acknowledgements
Thank you to my supervisor, Dr Doron Goldbarsht, for his support throughout my dissertation.
Citation
Martin, S. (2024), "Painting the picture: why art dealers should be added to Australia’s designated non-financial businesses and professions definition", Journal of Money Laundering Control, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JMLC-01-2024-0020
Publisher
:Emerald Publishing Limited
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