Artfully laundering money
Akhbar Satar | 19 Jul 2019 00:30
Most of us know that works of art are an attractive vehicle to money launderers. The value of transactions at the core of the art market is usually enormously high.
Those who are not aware of such art transactions are usually outraged upon knowing that some art pieces were insanely sold for millions of dollars. The art market is actually an ideal playground for money laundering. They can be smuggled or hidden.
At one of the art business conferences, Michael Martin, head of the forensic and antimoney laundering services at Deloitte Luxembourg, said, “Art is one of the asset classes that obviously lends itself to money laundering.”
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