Dear Senators Fetterman, Grassley, Whitehouse, Cassidy, Kim and McCormick,
I am writing on behalf of the members of the Fraternal Order of Police to advise you of our support for S. 2400, the “Art Market Integrity Act.”
This bipartisan legislation addresses the pervasive exploitation of the luxury art market by criminal enterprises, including Latin American cartels, terrorist financiers, and sanctioned Russian oligarchs, all of whom have used this unregulated sector to launder billions of dollars globally each year. The “Art Market Integrity Act” would require art dealers and auction houses to implement robust anti-money laundering compliance measures, thereby closing a significant loophole that has allowed illicit actors to evade sanctions and obscure the proceeds of criminal activity.
By bringing much-needed transparency in high-value art transactions, this legislation equips law enforcement with essential tools to disrupt the financial networks of cartels, terrorist organizations, and other bad actors who exploit the anonymity of the art market. The FOP has long championed legislative efforts to strengthen law enforcement’s ability to combat financial crimes to ensure that law enforcement officers have the resources and the authority needed to protect our communities from the organized criminals who are engaged in money laundering and illicit finance. The FOP stands ready to work with lawmakers, stakeholders, and our partners in law enforcement to advance this critical legislation and safeguard our nation’s financial system.
On behalf of the more than 377,000 members of the Fraternal Order of Police, I thank all of you for your leadership on this important issue. If I can provide any additional information about this matter or similar issues, please do not hesitate to contact me or Executive Director Jim Pasco in our Washington, D.C. office.
Sincerely,
Patrick Yoes
National President