The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) today published in the Federal Register notice of proposed regulations related to the implementation of amendments to the Bank Secrecy Act (BSA) regarding the trade in antiquities pursuant to last year’s Anti-Money Laundering Act. After relative silence over the nine months since the AMLA was passed as part of the National Defense Authorization Act, FinCEN somewhat surprisingly still has not drafted any proposed regulations, but rather seeks additional comment on a series of substantive questions. This effort to gather meaningful data is a positive step, but raises concerns about interested parties’ ability to respond by the 30 day deadline, and whether FinCEN will have time to incorporate those comments into regulations that must be promulgated (after further public notice and comment) by the end of 2021.
FinCEN Issues Notice of Proposed Rulemaking to Regulate Dealers in Antiquities
Topics: Antiquities, AML, Money laundering, FinCEN, Financial Crimes Enforcement Network, Bank Secrecy Act, National Defense Authorization Act, Treasury Department, BSA, Anti-Money Laundering Act, Byzantium