Beijing Signs Landmark Pact To Stem Flow Of Macau’s Dirty Casino Cash‏

According to the Financial Action Task Force (FATF), casinos are put in the category of a Designated Non-Financial and Business Profession (DNFBP) and so are subject to certain compliance checks and balances, due diligence procedures, etc – much the same as are in place for the financial sector.

The art sector, however, is not even classified as a DNFBP.

Both HK and China are signatories to FATF.

This is a glaring loophole allowing possible money laundering to take place within the art sector.

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