European antiquities trade: a refuge for money laundering and terrorism financing
| Date | 02 July 2019 |
| DOI | https://doi.org/10.1108/JMLC-09-2017-0051 |
| Published date | 02 July 2019 |
| Pages | 410-416 |
| Author | Fabian Maximilian Johannes Teichmann |
| Subject Matter | Financial risk/company failure,Financial compliance/regulation,Financial crime |
European antiquities trade:
a refuge for money laundering
and terrorism financing
Fabian Maximilian Johannes Teichmann
Teichmann International AG, St. Gallen, Switzerland
Abstract
Purpose –This paper aims to demonstratehow criminals launder money in the antiquities tradein Austria,
Germany,Liechtenstein and Switzerland.
Design/methodology/approach –A qualitative content analysis of 58 semi-structured expert
interviews with both criminalsand prevention experts and a quantitative survey of 184 compliance officers
revealedthe concrete techniques used to launder money in the European antiquitiestrade.
Findings –The antiquitiesmarket facilitatesthe placement, layeringand integration of the transferof assets
to terroristorganizations. Mostimportantly, it is among the few profitablemethods of laundering money.
Research limitations/implications –As the findings of the qualitative study are based on semi-
standardizedinterviews, they are limited to the 58 interviewees’perspectives.
Practical implications –The identification of concrete methods of money laundering and terrorism
financing aims to providecompliance officers, law enforcement agenciesand legislators with valuable insight
into criminalactivity.
Originality/value –While the existing literaturefocuses on organizations fighting money laundering and
the financing of terrorism,this study instead describes how criminals avoid detection by takinginto account
preventionand criminal perspectives.
Keywords Money laundering, Terrorism financing, Antiquities
Paper type Research paper
1. Introduction
Despite international efforts to combat money laundering and the financing of terrorism,
both phenomena continue to exist (Harvey, 2004, p. 339; van Duyne, 1994,p.62;Walker,
1999, p. 36). This is partly due to the fact that those efforts have been focused primarily on
the financial services industry. However, both moneylaunderers and terror financiers have
turned to other sectors. Therefore, it is apparent that past efforts have been insufficient
(Schneider, 2008,p. 309 f.).
The antiquities market isextraordinarily suited to both money laundering and terrorism
financing. After all, this marketis characterized by a lack of transparency, huge transaction
volumes and the absence of regulatory restraints. It is often argued that, due to its high
entry barriers, money laundering or terrorism financing does not affect the antiquities
market significantly. This article,however, will show that, while a certain level of expertise
in antiquities is certainly advantageous, it is by no means a prerequisite for the use of this
method.
2. Definitions
Unfortunately, there is no universallyaccepted definition of either the financing of terrorism
or terrorism itself (Cooper, 2001, p. 881; Ruby, 2002, p. 9 f.; Tilly, 2004, p. 5 f.;
JMLC
22,3
410
Journalof Money Laundering
Control
Vol.22 No. 3, 2019
pp. 410-416
© Emerald Publishing Limited
1368-5201
DOI 10.1108/JMLC-09-2017-0051
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