Guidelines for art businesses
English Russian
English Russian

The Responsible Art Market Initiative: Guidelines on combatting Money Laundering and Terrorist Financing


The Responsible Art Market Initiative (“RAM”) formed in Geneva in 2015 offers the Guidelines on combatting Money Laundering and Terrorist Financing for the businesses transacting in the art market in Switzerland and abroad.

The focus of the guidelines lies mainly on art dealers, who are at great risk of being used by criminals in schemes of money laundering and terrorist financing. Although the guidelines have no legal efficacy, they convey the best practice from the organisers of the RAM. Voluntary acceptance of the guidelines by the art businesses is particularly important in the view that legitimate international art market exists in the environment with no global international law.

The founding members of the RAM include Christie’s, SGS, Port Francs, the Art Law Foundation (FDA), Seydoux & Associes Fine Art, the University of Geneva (Faculty of Law, prof. Ursula Cassani), public prosecutor Jean-Bernard Schmid.

Identifying red flags by art businesses as a preventive measure in art transactions allows avoid negligence as opposed to intent, when a red flag is known and ignored. This voluntary measure stimulates self-regulation of the legitimate art market, and also provides protection from criminal clients.

Guidelines available at RAM official website

Sources: RAM official website, JDSUPRA


ALL ARTICLES
On March 28th, 2019, the German auction house Hampel Fine Art Auctions will be putting up rare works from Repin, Shishkin and Aivazovsky together with icons from the XIXth century and decorative art. The highlights: Ilya Repin (1844-1930) “Portrait of a lady with red rose”, Ivan Shishkin (1832-1898) “Interior with young woman at a table in front of window”, Ivan Aivazovsky (1817-1900) “Ship in distress” and “Turkish pavilion on riverside with men praying at full moon”.  Next...
  • Views: 6044
During the period from the 18th to the 23rd of March, 2019, the Swiss auction house Schuler Auktionen will be putting up Russian icons from the XVI-XVIII centuries and pieces of decorative arts at the upcoming auction. Among the top lots are some Russian cloisonné enamel pieces from the XIXth century, as well as a collection of Faberge-inspired works with a Bouquet of Lilies Clock Egg, made after the model by Faberge, which was gifted by the Emperor Nicholas II to his wife Alexandra Fyodorovna, and currently held in the Kremlin Armoury.  Next...
  • Views: 6290
During the period from the 18th to the 23rd of March, 2019, the Swiss auction house Schuler Auktionen will be offering works of European painters from the XVI-XIX centuries at the upcoming sale. Eduard von Grützner’s (Gross-Karlowitz, 1846 – Munich, 1925) “Rauenthaler” tasting wine is among the top lots together with the works of religious art by Hendrick van Somers (Lockeren, 1607 – Naples, 1655), Gaudenzio Ferrari (1477/78, Valduggia–Milan, 1546), Giovanni Ghisolfi (Milan, 1623 – Rome, 1683) and other renowned European painters.  Next...
  • Views: 4892
During the period from the 2nd to the 14th of March, 2019, until 21:00 (GMT+1) the Genevan auction house Piguet is hosting their online auction featuring following categories: Contemporary art, Middle East and Far East art, Canes, Light and furniture of the XXth century, Leather accessorise, Watches, Watches under 400 CHF, Decorative arts, Porcelain, Swiss painters , Oriental rugs and carpets. The delivery of purchased lots around the world is carried out by the auction house.  Next...
  • Views: 6372
Cesar Santos is a contemporary Cuban-American artist residing in Miami. He is world-renowned for his exquisite technique in oil painting and drawing, as well as his original style known as ‘syncretism’. He studied at Miami Dade College, the New World School of the Arts and the Angel Academy of Art in Florence, which allowed him to learn painting from contemporary and classical perspectives. He received numerous prestigious awards and his works have been on exhibit in museums around the globe – Annigoni Museum in Florence, Beijing Museum, Museum of Contemporary Art in Sicily and the National Gallery in Costa Rica. He is part of the Living Masters' Gallery at the Art Renewal Center (USA).  Next...
  • Views: 2221
On December 13th, 2018, the Finnish auction house Hagelstam & Co. will be hosting an exclusive Scandinavian Modern auction. The artwork by a prominent Finnish abstract artist Ernst Mether-Borgström (1917-1996), a renowned author Tove Jansson (1914-2001), Leena Luostarinen (1949-2013), Ahti Lavonen (1928 – 1970), contemporary Finnish artist Marika Mäkelä (b. 1947), a ceramic sculpture modeled by Michael Shilkin (1900-1962) and a bronze sculpture by Miina Äkkijyrkkä (b. 1949), as well as designer pieces by the originator of the scandinavian design Alvar Aalto (1989-1976) will be offered at the upcoming sale.  Next...
  • Views: 3920
On December 6th, 2018, the German auction house Hampel Fine Art Auctions will be hosting the sale featuring unique works of famous European artists of the XIV-XVIII centuries. The highlights include Hendrick van Avercamp’s (1585 – 1634) “Winter Fun in a Icy Polder Landscape”, a pair of paintings by Jean-Baptiste François Pater (1695 – 1736), the altar triptych, attributed to Giovanni Donato Montorfano (1440 – 1510), Giovanni Battista Tiepolo's (1696 – 1770) “Maria Immacolata”, a pair of paintings by Samuel Masse (1672  – 1753), Hendrik Frans Van Lint’s (1684 – 1763) “Fantasy Landscape”, Jan Brueghel the Younger’s (1601 – 1678) and Otto van Veen’s (1556 – 1629) “Virgin and Child in a Flower Garland” and other works of renowned artists.  Next...
  • Views: 5179
On December 6th, 2018, the German auction house Hampel Fine Art Auctions will be hosting the Impressionism and Modern art sale. The auction will feature Eugène Boudin’s (1824 – 1898) “Juan les pins, la promenade et la baie” (1893), Camille Jean-Baptiste Corot’s (1796 – 1875) “Le Puits”, Gustave Courbet’s  (1819 – 1877) “La Chêne de Beranger”, René Archille Rousseau-Decelle’s (1881 – 1964) “Une Guinguette à Paris”, a bronze casting “Cat” by Diego Giacometti (1902 – 1985) and other works of art.  Next...
  • Views: 2821
On December 12th, 2018, the Genevan auction house Piguet will put up a series of lots dedicated to Russian art. Among the pieces offered are “Spring Clouds” by Nikolai Alexandrovich Tarkhov (1871-1930), “Scenes of Military Operations” by Ivan Petrovich Pryanishnikov (1841-1909), “Flowers” Anatoliy Timofeevich Zverev (1931-1986), a set of 22 “Views of Moscow” lithographs by B. Avanzo from around 1870-1880, a refectory menu in honor of Nikolai II and Alexandra Feodorovna’s coronation, a cloisonné enamel jewelry box from the turn of the XX, 9 figurines from the Imperial Porcelain Factory (1950-1960), inspired by N.V. Gogol’s “Dead Souls” and “The Government Inspector”, as well as icons from the XVI-XIXth cenuties from Moscow, Yaroslavl and Vologda school of icon painting and other pieces.  Next...
  • Views: 5374