The US Congress is cracking down on money schemes in the art market

US Congress Targets Money Laundering in Art Market

Surprisingly, efforts to stop money laundering have shown a big hole in our financial system: the luxury art market, where criminal groups like Latin American cartels, terrorist financiers, and sanctioned Russian oligarchs launder billions of dollars every year. We have known about traditional ways to wash money for a long time, but the art world has mostly not been regulated, which is a recipe for illegal financial activity. The new "Art Market Integrity Act" is a big step forward in the fight against money laundering. This law is different from past attempts to regulate art transactions because it focuses on high-value transactions and requires dealers and auction houses to put in place str...

FinCEN Uses New Power to Go After Mexican Banks That Work with Drug Cartels

FinCEN Targets Mexico Banks Over Cartel Money Laundering

 The U.S. Financial Crimes Enforcement Network (FinCEN) has officially named three Mexico-based banks as "primary money laundering concerns" under Section 311 of the USA PATRIOT Act and expanded authorities given to it by the FEND Off Fentanyl Act (FOFA). This is a big step in enforcement.  The move, which was made public on June 25, 2025, is the first time FinCEN has used its fentanyl-related authority to stop money from going to cartels.  The names are aimed at:  CIBanco S.A.  Intercam Banco S.A. &nbs...

Mid-Year 2025: Key AML Enforcement and Rulemaking Issues That U.S. Institutions Are Working On

Mid-Year 2025: Key AML Issues for U.S. Institutions

In Washington, D.C., August 2025.   A lot changed in 2025 about how the United States executes its anti-money-laundering (AML) regulations.  This was because FinCEN was severe about following the rules and adopting new ones under the Bank Secrecy Act (BSA).   The Gibson Dunn Mid-Year AML Update (August 4, 2025) and DLA Piper's 2025 Financial Regulatory Outlook both show a clear trend: sanctions, counter-narcotics enforcement, and AML compliance are all coming together. The regulatory net is getting bigger and bigger, reaching f...

Mexico is telling the U.S. to prove its case in a fight over cartel money laundering.

Mexico Demands Proof After U.S. Sanctions Over Cartel Money

June to October 2025 in Mexico City and Washington, D.C.   The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) punished three Mexican banks for allegedly laundering money for drug cartels, which has led to a massive diplomatic fight between the U.S. and Mexico.   On June 26–27, 2025, Mexico's President Claudia Sheinbaum publicly accused Washington of taking financial moves on its own without showing proof.  She asked for written proof to back up what she said.   President Claudia Sheinbaum remark...

Operation Silver Shores: The DOJ shuts down a $30 million global network for fraud and money laundering

DOJ Shuts Down $30M Global Fraud and Money Laundering Network

  October 21, 2025, Washington, D.C. / Sacramento, CA     "Operation Silver Shores" has led to a lot of arrests and charges by the U.S. Department of Justice.    This is a global network of fraud and money laundering that took more than $30 million from hundreds of victims in the U.S., Canada, and Asia.     The DOJ's press statement for the Eastern District of California notes that 22 people were charged with planning to commit money laundering and wire fraud.    In 2025, this was one of...