Shell companies. Middlemen. Inadequate safeguards. It's all part of the ultra-secretive art world, according to a bipartisan Senate investigation. And that's why it's susceptible to money laundering and sanctions evasion, the report found.
New York Shell companies with hidden owners. Middlemen who shield the identities of buyers and sellers. 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 money laundering and sanctions evasion, the report found. The Senate report details how a pair of Russian oligarchs with ties to Russian President Vladimir Putin allegedly seized on the secrecy of the art industry to evade sanctions by making more than $18 million in high-value art purchases.
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