How do people use the commercial art to launder money?
For context, I work in commercial galleries and it’s something I’m trying to understand to work in a safer way with collectors. Thanks!
In: 25
They donate maximum amount to their favorite politician allowed by law then buy paintings by said politicians SO or kids.
Or
Someone owes Vinny money so they buy a painting from Vinny for the amount they owe Vinny.
Then they get an appraiser to value it at a high price and loan it to a museum.
The biggest one is layering. They “layer” through a series of buying and selling high pieces to disguise the origins of the money and make it clean. This should’ve been apart of your AML training.
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