Art opens the gates of money laundering

First you scrub your brushes then you scrub your brushes. Art holds value differently to everyone because beautiful is defined through the eyes of the beholder. Money laundering is a serious issue and art has been know to be used to keep transactions hidden and manipulated. Every year billions of dollars are laundered through stolen art, imitations, or illegal imports. The use of art for money laundering sounds easy because of all the privacy and value given to famous pieces of art. With the rise in technology replicating art has become easier. The art may not be perfect copying but for the subject of money or laundering money it does a good enough job to give the illusion of value to pieces of art.

Loopholes in the system of sales from auction houses and art seller make it easy to keep profits hidden. Since they have no obligation to share personal information it makes it easier for people to take advantage of the privacy policies.
Excessive secrecy is arts drawback because it it opens a pathway for crime in the form of money laundering. There is an art to cleaning money through the purchase of antiques and antiquities since art is believed to be bought collectors and enthusiasts. Hidden behind that belief some of there greatest criminals have and will continue to launder money. Until regulations are enforced globally and art sellers are held accountable there is no limit to the illegal exchange of goods.

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Carlos Cheang

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