AML Conversations
Interview with Bonnie Goldblatt
Dec 23, 2024
Bonnie Goldblatt, founder and CEO of AML Art Compliance Experts, brings her unique perspective from law enforcement and finance to the conversation. She reveals how art is exploited for money laundering, discussing the opacity of the industry and the challenges faced by financial institutions. Goldblatt emphasizes the importance of provenance in tracking art and combating fraud. She also highlights how high-value artworks are used to move oligarch wealth and stresses the need for robust compliance initiatives in galleries and auction houses.
25:14
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Quick takeaways
- Bonnie Goldblatt emphasizes the art market's lack of transparency, which criminals exploit for illicit fund movement and money laundering.
- Goldblatt advocates for enhanced collaboration between law enforcement and financial institutions to effectively combat art-related crimes and promote market integrity.
Deep dives
The Background and Scope of Art Fraud
Bonnie Goldblatt highlights the significant issue of art fraud and the involvement of criminals in the art market. Her career spans both public and private sectors, where she specialized in tracking stolen and fraudulent art, particularly during her time with the U.S. Customs Service and Homeland Security Investigations. The art industry's lack of transparency is often exploited by bad actors, as many transactions are conducted privately with minimal regulatory oversight. The general acceptance of confidentiality in high-value art sales further facilitates illicit activities like money laundering.
