The US Department of the Treasury Office of Foreign Assets Control (OFAC) has issued further guidance to art market participants.
The advisory note highlights the risk of incurring penalties stemming from dealings in high-value artwork associated with blocked persons and entities.
It follows the US Senate Subcommittee on Investigations' report in July, which demonstrated the facility with which foreign bad actors are able to evade OFAC sanctions and engage in money laundering through art market purchases.
International law firm Withers explained that the US government usually issues a warning as a precursor to...