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
say you got $100,000 through illegal means. you cant just put it in the bank, or the government will notice.
so instead, you make 100 paintings. your art is practically worthless, so you sell them for $10 each in cash, but then on your taxes you lie and say you sold them for $1,000 each. These smaller transactions won’t be noticed, and it provides a plausible source for the money.
Latest Answers