Money laundering and sanctions evasion using the art market.
12/04/2023
Basel Institute on Governance Quick Guide series has provided a briefing the art market and the risk of financial crime.
INTRO
- The art market is often described as ‘niche’ however 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.
THE FOLLOWING X2 GUIDES
- Briefly explains the unique characteristics of the art market that make it vulnerable to this type of abuse.
- Outlines steps that jurisdictions can take to prevent and combat abuse of the sector for illicit purposes.
GUIDES
- Money laundering and sanctions evasion using the art market Download PDF https://baselgovernance.org/sites/default/files/2023-04/230412-quickguide_29.pdf
- Further reading list: art trade and money laundering https://baselgovernance.org/sites/default/files/2023-04/Further%20reading%20list%20ML%20through%20Art%20.pdf
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.