United States:
Collateral Damage: Mexican Drug-Money Law Impacts Mexican Gallery Owners
03 October 2014
Fox Rothschild LLP
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The Washington Post recently reported that a Mexican
anti-money-laundering law that went into effect last year has
unintentionally "frozen" the art market.
The anti-money-laundering law is aimed at "limiting the use
of cash and requiring [certain] businesses to give more information
to the government about their customers."
Gallery owners and auction houses have become "collateral
damage" as the new law is impacting their sales and
operations. Potential art buyers fear that their personal
information will not be protected by the government or that they
may be targeted if officials know that they spend "$1 million
on a painting."
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