I haven't read one of your post in a while. More of a reflection of me not you. Not sure why I read this one except I felt drawn too. Your writing as always very impressive. I especially loved your citations. ❤️.
Thank you! And thanks for reading and commenting, Kate!
White collar crime is not something I’m very well versed in, to be fair. But from what I understand, the correct way to answer the question “how is fine art used in money laundering” would be “several ways”.
overpricing & underpricing
shell companies and other intermediaries
private warehouses and freeports
collateral for legitimate loans
resale
Basically, if the launderer can purchase a piece of art with “dirty” money, and sell it back for the same amount (or more), they have successfully cleaned their money.
Here are some far better explanations/explorations:
Really interesting!
I haven't read one of your post in a while. More of a reflection of me not you. Not sure why I read this one except I felt drawn too. Your writing as always very impressive. I especially loved your citations. ❤️.
This is very interesting. I have wanted to understand how fine art has been used in money laundering.
Thank you! And thanks for reading and commenting, Kate!
White collar crime is not something I’m very well versed in, to be fair. But from what I understand, the correct way to answer the question “how is fine art used in money laundering” would be “several ways”.
overpricing & underpricing
shell companies and other intermediaries
private warehouses and freeports
collateral for legitimate loans
resale
Basically, if the launderer can purchase a piece of art with “dirty” money, and sell it back for the same amount (or more), they have successfully cleaned their money.
Here are some far better explanations/explorations:
https://www.artandobject.com/news/how-money-laundering-works-art-world
https://boldergroup.com/insights/blogs/money-laundering-in-the-art-market/