The U.S. Department of the Treasury has published their study on the facilitation of money laundering and the financing of terrorism through the trade in works of high-value art. Heavyweight art dealers and auction houses spent over $1 million lobbying federal officials in Washington on this and other regulatory issues over the past two years. […]
High-end art, antiquities, and antiques have become more and more attractive to money launders says, Peter D. Hardy a partner at Ballard Spahr, writing for The National Law Review, in an in-depth article published today.
Regulation is needed in the global art market because it is vulnerable to money laundering, tax evasion, trading on inside information and price manipulation – as reported by the Financial Times blog after an FT Weekend lunch in Davos. It is indeed not much of an exaggeration to state that the art world is the […]
Six former high ranking Spanish government officials are being investigated by authorities over alleged corruption surrounding the sale of government-owned artworks, including two paintings by the Spanish master Francisco Goya, with a total worth of around €14 million or £11 million, reported Spanish daily newspaper ABC. Former education secretary Eva Almunia, and her husband Carlos […]
The well known international art dealer Helly Nahmad’s New York gallery was raided by the FBI on Tuesday morning for suspected illegal gambling and money laundering breaches . The gallery located at the Carlyle Hotel on Madison Ave was thoroughly searched and computers were removed by the federal agency. Forbes stated that it was part […]