WASHINGTON, D.C. — U.S. Sen. John Fetterman is urging the Treasury Department to revive and finalize anti-money-laundering regulations for antiquities dealers, arguing that gaps in federal oversight may allow terrorist groups, sanctioned actors, and criminal organizations to move funds through the antiquities market.
In a letter to Treasury Secretary Scott Bessent, the Pennsylvania Democrat called on the Financial Crimes Enforcement Network, or FinCEN, to complete rulemaking authorized by Congress in 2020 but never finalized.
The request would extend anti-money-laundering compliance requirements to antiquities dealers, bringing the industry closer to standards already applied to sectors such as casinos, jewelers, and pawn shops.
Fetterman framed the issue as a national security concern, citing cases in which terrorist organizations, sanctioned individuals, and criminal enterprises allegedly used looted cultural artifacts to generate revenue or evade financial restrictions.
The senator pointed to a February seizure by U.S. Customs and Border Protection in Philadelphia involving Bronze Age swords and arrowheads originating from Iran. He said experts have linked the looting of cultural artifacts in the region to elements of Iran’s government and affiliated groups.
Congress directed FinCEN to develop regulations for antiquities dealers through the Anti-Money Laundering Act of 2020, which amended the Bank Secrecy Act. FinCEN issued an Advance Notice of Proposed Rulemaking in 2021 and solicited public comment, but a formal proposed rule was never published and the initiative was later withdrawn.
“Final rulemaking would provide regulatory clarity to antiquities dealers, and help law enforcement fight the use of looted antiquities to fund terrorism, sanctions evasion, and criminal cartels,” Fetterman wrote.
The senator cited examples he said demonstrate the risks associated with the antiquities trade, including the sale of stolen artifacts by ISIS in Syria and Iraq, trafficking networks linked to organized crime, and the use of antiquities to circumvent sanctions.
Fetterman also referenced the cases of convicted traffickers Eugene Alexander and Michael Ward, who were involved in the sale of looted antiquities valued at more than $31 million in the United States.
The push comes as lawmakers and regulators continue examining potential vulnerabilities in art and collectibles markets, which critics say can be used to obscure ownership, transfer wealth, and move assets across borders.
Last year, Fetterman introduced the bipartisan Art Market Integrity Act, legislation aimed at imposing anti-money-laundering requirements on art dealers.
In his letter, the senator asked Treasury to provide a response by July 2 and urged FinCEN to move forward with regulations that would require antiquities dealers to conduct customer due diligence and maintain compliance programs designed to detect illicit financial activity.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.