Art and Illicit Transactions: Unveiling Money Laundering

This chapter examines the dark side of the art industry, focusing on how art is exploited for money laundering and fraud due to its opacity and lack of regulation. It discusses the challenges faced by financial institutions in detecting unusual transactions and emphasizes the need for enhanced oversight and due diligence. Furthermore, it explores the roles of federal agencies in combatting art-related crimes, including initiatives to address issues of counterfeiting and the recent scrutiny of NFTs by the IRS.