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https://www.cnn.com/2020/07/29/business/art-money-laundering-sanctions-senate/index.html
Inadequate safeguards to keep out shady money. It's all part of the ultra-secretive art world, according to a bipartisan Senate investigation released Wednesday. And that's why it's susceptible to...
https://www.artandobject.com/news/how-money-laundering-works-art-world
There also seems to be plenty of instances where art has played a role in the act of money laundering. Consider that when the Mexican government passed a law in the early 2010s to require more information about buyers, and how much cash could be spent on a single piece of art, the market cratered, as sales dipped 70 percent in less than a year. Many believed that was because Mexican cartel rings had …
https://www.moneylaunderingnews.com/2020/08/using-art-to-evade-sanctions-and-launder-money-the-senate-report/
Unlike the art market in the European Union, whose member states recently have adopted its Fifth Anti-Money Laundering directive, as well as in the United Kingdom, which adopted similar rules in the weeks before its exit from the European Union, the U.S. art market is not subject to AML regulations. The recent European Union directive requires businesses selling art to verify the identity of seller, buyer, and ultimate beneficial owner involved in art transactions of €10,000 or …Estimated Reading Time: 10 mins
https://www.antiquestradegazette.com/news/2020/money-laundering-art-market-must-now-comply/
The new rules (applying the 5th Money Laundering Directive known as 5MLD) took effect today (January 10). They require auction houses, art galleries and dealerships to conduct stricter due diligence on buyers who purchase from them works of art above a threshold of €10,000 (see below). Full guidelines were yet to be published as ATG went to press. The updated regulation also requires Art …Estimated Reading Time: 3 mins
https://www.deccanherald.com/international/will-money-laundering-laws-end-art-worlds-culture-of-secrecy-950720.html
"Structurally there are a lot of ways in which money laundering certainly could easily happen in the arts, and therefore it probably does," said Amy Whitaker, an art industry expert at New York...
https://theantiquitiescoalition.org/the-art-of-money-laundering/
The Art of Money Laundering. September 4, 2019. The loosely regulated art market is rife with opportunities for washing illicit cash. By Tom Mashberg. Matthew Green was raised in the heady world of fine arts, surrounded from boyhood by the works of Old Masters and Impressionists. His father, Richard, the owner of two of London’s most illustrious galleries, dealt in legendary names like Picasso, …Estimated Reading Time: 8 mins
https://hyperallergic.com/465736/does-the-art-world-have-a-money-laundering-problem/
John Byrne, an anti-money laundering expert with a longtime record of advocating for a regulated art market, congenially accused McAndrew of filibustering the panel’s debate. Byrne emphasized ...Estimated Reading Time: 9 mins
https://www.nytimes.com/2017/02/19/arts/design/has-the-art-market-become-an-unwitting-partner-in-crime.html
“The art market is an ideal playing ground for money laundering,” said Thomas Christ, a board member of the Basel Institute on Governance, a Swiss nonprofit that has studied the issue.
https://www.monster.com/career-advice/article/Money-Laundering-Reshipping-Scams
Money-Laundering Scams. Internet money laundering "is just a huge problem," says Susan Grant, director of Internet Fraud Watch at the National Consumers League in Washington, DC. "In fake-check scams, people are losing several thousands of dollars at a pop."
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