Art and AML compliance: Beware of snake oil merchants

Nick Holland, partner & Justine Wadhera, trainee solicitor, McDermott Will & Emery, 30/11/2020

In popular fiction, art and antiquities are often depicted as a means for criminals to launder their ill-gotten gains. In recent years, real-world examples of this include investigations into the alleged purchase of inter alia Egyptian antiquities and works by Picasso and Basquiat by criminals for money-laundering purposes. 

Perhaps the most notorious criminal thought to have laundered funds through art works is Pablo Escobar. So, if the art world is known to be vulnerable to money launderers, many people might be surprised to hear that dealers of art and antiquities were only fully brought into EU anti-money launde...

Continue reading this article...

Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.

You are currently not logged in,
login to view the full article
start by clicking this button.

Need a subscription,
fill out the form here or
contact subs@eprivateclient.com

About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM


eprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.

Read more