Quick Guide 29: Money laundering and sanctions evasion using the art market
The art market is often described as ‘niche’. In reality, it is a significant trade industry: sales of art and antiques by dealers and auction houses reached an estimated USD 65.1 billion in 2021. And like many industries of this size, it attracts people seeking to abuse it to launder proceeds of crime or evade sanctions.
This quick guide briefly explains the unique characteristics of the art market that make it vulnerable to this type of abuse. It also outlines steps that jurisdictions can take to prevent and combat abuse of the sector for illicit purposes.
About this Quick Guide
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. It is part of the Basel Institute on Governance Quick Guide series, ISSN 2673-5229.
Links and other languages
Basel Institute newsletter - December 2023
The newsletter covers highlights at the Basel Institute from November and early December 2023.…
Research Case Study 6: Sextortion – an unaddressed form of corruption and sexual abuse
Research findings from Malawi, Tanzania, Uganda and Rwanda raise concerns about the extent and…