The art market is often described as ‘niche’. In reality, it is a significant trade industry: sales of art and antiques by dealers and auction houses reached an estimated USD 65.1 billion in 2021. And like many industries of this size, it attracts people seeking to abuse it to launder proceeds of crime or evade sanctions.

This quick guide briefly explains the unique characteristics of the art market that make it vulnerable to this type of abuse. It also outlines steps that jurisdictions can take to prevent and combat abuse of the sector for illicit purposes.

A Q&A with Mary Muthoni, who led a novel court monitoring project of our International Centre for Asset Recovery (ICAR) in Kenya during 2022. The aim was to identify reasons for delays in major corruption trials, as a basis for developing reforms to streamline and speed up the court process. The Court Users Committee has been highly receptive to the findings, which the team presented in March 2023.

International cooperation is vital to investigate corruption cases and recover stolen assets, and thus to end the impunity associated with high-level corruption. Few would dispute that, but achieving commitments made under international treaties such as the UN Convention against Corruption (UNCAC) remains a work in progress.

New recommendations by the Summit for Democracy’s International Cooperation for Anti-Corruption Cohort outline how to build on progress in international cooperation made over the last 10–15 years. They seek particularly to overcome challenges related to:

An intensive training programme of our International Centre for Asset Recovery (ICAR) in Zambia has brought fresh impetus to the country’s fight against corruption.

The financial investigations and asset recovery training programme, held in collaboration with the Zambian Anti-Corruption Commission (ACC), brought together participants from a wide range of law enforcement and oversight bodies.

This virtual event explored the use of illicit enrichment laws or unexplained wealth laws to recover the proceeds of corruption and other crimes.

Topics included:

  • What different approaches to illicit enrichment legislation exist around the world?
  • How do they work in practice?
  • What are the key debates and concerns that are holding countries back from developing and implementing these laws?

The event drew on case experiences from Uganda, Kenya and Mauritius.

This public briefing follows the publication of the 11th Public Edition of the Basel AML Index, a leading country risk ranking for money laundering and terrorist financing.

Basel AML Index project lead Kateryna Boguslavska explained the key findings of the 2022 Index and report. This was followed by a Q&A with the participants.

Iker Lekuona, Head of Programmes at the Basel Institute's International Centre for Asset Recovery, made opening remarks.