Angelika Hellweger details the art world’s money laundering weaknesses

The lack of scrutiny of art transactions was the subject of a piece by Angelika Hellweger.

In her article, which was published by Wealth Briefing, she outlines the shortage of regulation in the art market and the resulting potential for money laundering and sanctions evasion.

Angelika says that while the art market is subject to regulation in the UK and European Union, there are large parts of the world where this is not the case. She cites the current situation in both the US and Switzerland – which are major centres for art sales.

She explains that the lack of anti-money laundering provisions in two of the five main art selling nations means that neither the purchaser nor the seller are obliged to verify the identity of the other. With many art sales taking place involving intermediaries or shell companies, she concludes that there is an obvious appeal to those looking to launder money.

As a result, art sales totalling millions or even billions are being conducted without being scrutinised.

The full article can be read here.