U.S. Markets closed
  • S&P 500

    3,768.25
    -27.29 (-0.72%)
     
  • Dow 30

    30,814.26
    -177.24 (-0.57%)
     
  • Nasdaq

    12,998.50
    -114.10 (-0.87%)
     
  • Russell 2000

    2,123.20
    -32.15 (-1.49%)
     
  • Crude Oil

    52.04
    -1.53 (-2.86%)
     
  • Gold

    1,827.70
    -23.70 (-1.28%)
     
  • Silver

    24.83
    -0.97 (-3.77%)
     
  • EUR/USD

    1.2085
    -0.0079 (-0.6526%)
     
  • 10-Yr Bond

    1.0970
    -0.0320 (-2.83%)
     
  • Vix

    24.34
    +1.09 (+4.69%)
     
  • GBP/USD

    1.3583
    -0.0057 (-0.4143%)
     
  • USD/JPY

    103.8710
    +0.0290 (+0.0279%)
     
  • BTC-USD

    37,424.37
    +406.09 (+1.10%)
     
  • CMC Crypto 200

    701.93
    -33.21 (-4.52%)
     
  • FTSE 100

    6,735.71
    -66.25 (-0.97%)
     
  • Nikkei 225

    28,519.18
    -179.12 (-0.62%)
     

How Congress Used the New Defense Bill to Shut Down Banks, Trump and Russian Oligarchs

Yaёl Bizouati-Kennedy
·2 min read
Shutterstock / Shutterstock
Shutterstock / Shutterstock

The National Defense Authorization Act, which passed on Friday when Congress overrode President Trump’s veto, includes a tightening of banking regulations and anti-money laundering laws for the antiquities market.

The bill is removing antiquities dealers’ exemption from what are standard anti-money laundering laws and regulations under the U.S. Bank Secrecy Act.

See: The Biggest Money Scandals of the Last 100 Years
Find: Enron and the 24 Other Most Epic Corporate Downfalls of All Time

“We believe this type of legislation is long overdue,” John Byrne, a lawyer with 30 years of experience in anti-money-laundering rules, told the New York Times. “This is an area where clearly organized crime, terrorists, and oligarchs have used cultural artifacts to move illicit funds.”

A bipartisan Congressional report (“The Art Industry and U.S. Policies that Undermine Sanctions,” released in July 2020,) reveals for example how Russian oligarchs evaded sanctions and laundered $18 million through leading American auction houses and dealers.