The U.K. National Crime Agency on Tuesday warned art dealers and firms storing high-value artworks to be on alert for unusual transactions and sudden changes in ownership amid concerns that wealthy blacklisted individuals are targeting the sector to evade Western sanctions.
According to the NCA, designated Russian oligarchs and other high-net-worth individuals are known to try to evade financial embargos or launder the proceeds of crime by selling artworks or cultural artifacts quickly, or moving items to other jurisdictions under the cloak of webs of shell companies that obscure the beneficiaries of transactions.
Attempts by wealthy clients to transfer artwork to a family member, business associate or other intermediary should also trigger close scrutiny, the agency said, adding that all art market participants must have programs in place to spot “any change in client status or suspicious activity.”
Topics : | Anti-money laundering , Sanctions |
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Source: | United Kingdom: National Crime Agency |
Document Date: | January 23, 2024 |