Financial Crime World

A Groundbreaking Conference in Cairo: Combating Money Laundering and Terrorist Financing in the Global Art Market

June 14, 2022

Kick-Off of the First Regional Conference on AML/CFT in Art and Antiquities Crime

The first regional conference on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) in the investigation of art and antiquities criminality commenced at the National Museum of Egyptian Civilisation in Cairo on Tuesday, June 14, 2022.

Welcome Address

  • Dr. Khaled El Anany, Egypt’s Minister of Antiquities and Tourism, expressed his gratitude to Ambassador Christian Berger and the attendees for addressing the growing concern of illicit trafficking in cultural heritage and the financial crimes linked to the global art market.

Emphasis on the Impact of Cultural Property Trafficking and the EU’s Action Plan

  • Ambassador Berger underscored the devastating effects of cultural property trafficking, resulting in an estimated 50,000 pieces stolen every year, leading to a significant loss of archaeological information and the loss of irreplaceable items from the world’s shared heritage.
  • The EU Strategy on Organized Crime includes an action plan to counter trafficking in cultural goods from 2022-2025, making it a priority for the European Union.

Importance of International Cooperation and Raising Awareness

  • The EU Global Facility for Security, Justice and Home Affairs is a project aimed at supporting countries worldwide in fighting money laundering and terrorist financing, including art and antiquities-related crimes.
  • This conference marks the beginning of a series of regional conferences targeting the AML/CFT community, focusing on potential risks associated with the art market.

Call for Close Collaboration

  • Judge Ahmed Said Khalil, Chairman of the Board of Trustees of the Anti-Money Laundering & Countering Terrorist Financing, emphasized the importance of collaboration between private and public sectors.
  • He acknowledged the need for improved training, awareness, and information sharing among law enforcement agencies and experts.

International Support for Egypt

  • Egypt is a crucial partner in the Middle East and North Africa in combating money laundering, terrorist financing, and the proliferation of illicit goods.
  • The EU and UN delegates present at the conference bring essential expertise and experience in countering art and antiquities-related crimes.

Developing a Practitioner Guidance Manual and TAIEX Cooperation

  • During the three-day conference, delegates will collaborate to create a practitioner guidance manual aimed at countering cultural-related crimes and combating money laundering and terrorist financing activities linked to antique and fine art criminality.
  • The conference also marks the European Commission’s proposed reinstatement of TAIEX cooperation with Egypt to address trafficking of cultural goods.

Significance of the Conference and Participating Countries

  • With representatives from 14 countries, this conference is a crucial step towards raising awareness of the risks associated with the global art market and fostering closer international collaboration to counteract these crimes.