High-value art is being used by sanctioned individuals to launder money, according to a recent report by the U.S. Senate Permanent Subcommittee on Investigations. The art industry does not have the same anti-money laundering (AML) requirements as banks and other financial firms, creating a perfect loophole for criminals. Many auction houses do have voluntary AML programs in…
Criminally Good Paintings: U.S. Senate Investigates Money Laundering in the Art Industry
