Fetterman Urges FinCEN Rulemaking for Antiquities Industry

WASHINGTON, D.C. - Today, U.S. Senator John Fetterman (D-PA) penned a letter to U.S. Department of Treasury Secretary Scott Bessent urging the Financial Crimes Enforcement Network (FinCEN) to propagate rulemaking requiring antiquities dealers to comply with anti-money-laundering laws.

"I am very concerned that looted antiquities are helping fund the Iranian terrorist regime, as well as criminal enterprises and other sanctioned actors. In 2020, Congress passed bipartisan legislation requiring FinCEN to issue proposed rules for antiquities dealers, but those rules were withdrawn and never finalized. Final rulemaking would provide regulatory clarity to antiquities dealers, and help law enforcement fight the use of looted antiquities to fund terrorism, sanctions evasion, and criminal cartels," wrote Senator Fetterman.

Congress passed bipartisan legislation in 2020 authorizing Treasury and FinCEN to propose rules to combat money-laundering and terrorist-financing using antiquities. Treasury previously proposed rules, but never finalized and ultimately withdrew the proposal. Criminal cartels and terrorist groups such as ISIS have laundered funds using antiquities, which have wound up in the U.S. market. U.S. Customs and Border Control in Philadelphia, for example, recently intercepted looted Bronze Age artifacts originally from Iran.

"Finalizing rulemaking to require basic due-diligence in the antiquities industry will help law enforcement stop the pipeline of funding to American's adversaries from looted antiquities. Many industries, including casinos, jewelers, and pawn shops, already do basic due-diligence on their customers to stop money laundering and terrorist financing," continued the senator. "I urge FinCEN to quickly finalize this rule and provide the clarity that antiquities dealers need to engage in this kind of basic due-diligence."

Read the full text of the letter below and here.

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I write to urge FinCEN to promulgate rulemaking requiring antiquities dealers to comply with anti-money-laundering laws. I am very concerned that looted antiquities are helping fund the Iranian terrorist regime, as well criminal enterprises and other sanctioned actors. In 2020, Congress passed bipartisan legislation requiring FinCEN to issue proposed rules for antiquities dealers, but those rules were withdrawn and never finalized. Final rulemaking would provide regulatory clarity to antiquities dealers, and help law enforcement fight the use of looted antiquities to fund terrorism, sanctions evasion, and criminal cartels.

On September 24, 2021, FinCEN issued an Advanced Notice of Proposed Rulemaking (ANPRM) pursuant to Section 6110 of the Anti-Money Laundering Act of 2020. The law amended the Bank Secrecy Act to require compliance with anti-money-laundering and counter-terror-financing laws by antiquities dealers. FinCEN required public comments on the proposed rule by October 25, 2021, but the Notice of Proposed Rulemaking was never published in the Federal Register and the ANPRM was subsequently withdrawn.

The use of looted antiquities for illicit finance and terror-funding is a serious national security concern. In February, CBP in Philadelphia intercepted Bronze Age swords and arrowheads originally from Iran. Experts in this field note that the Iranian Revolutionary Guard and other elements in the Iranian terrorist regime may be actively looting Iran's cultural heritage. Looted antiquities have been used to funnel money to terrorists, criminals, and America's enemies. Documented cases of such illicit activities include:

• Houthi terrorists and Al Qaida in the Arabian Peninsula have looted Yemeni artifacts to fund violence against the U.S, Israel, and international shipping lanes.
• ISIS regularly sold stolen artifacts from Syria and Iraq.
• Kremlin cronies have used antiquities to evade sanctions.
• Convicted criminals Eugene Alexander and Michael Ward trafficked looted antiques worth over $31 million on American soil.
• Cartels and drug-traffickers have used antiquities from Latin America, including pre-Colombian artifacts, to fund their criminal operations.

Finalizing rulemaking to require basic due-diligence in the antiquities industry will help law enforcement stop the pipeline of funding to American's adversaries from looted antiquities. Many industries, including casinos, jewelers, and pawn shops, already do basic due-diligence on their customers to stop money laundering and terrorist financing. Last year I introduced the bipartisan Art Market Integrity Act to require anti-money-laundering compliance by art dealers, another area of serious concern for illicit finance. FinCEN already had the authority to promulgate rules for antiquities dealers and should move forward expeditiously. I urge FinCEN to quickly finalize this rule and provide the clarity that antiquities dealers need to engage in this kind of basic due-diligence.

I request that you provide a response to this letter by July 2nd, 2026.

Sincerely,