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money laundering

Banking

Shadow Banking

April 11, 2017
Man in suit by Matthew Henry, Toronto, Ontario, via Unsplash

Yesterday, I mentioned how some art auction houses have become highly attractive to money launderers for anonymous sales and lax lending policies. This is part of a global trend called “shadow banking” which poses significant systemic risks to markets in the U.S. and abroad. What is it? Shadow banking is a catch-all phrase for financial services that occur outside of the regular banking and investment system (and typically…

Law

Art and Money Laundering

April 10, 2017
A photo of a man in a gallery by Igor Miske, Dresden, Germany - via Unsplash.

It’s arts month here in Dallas, which means that art collectors and investors from all over the world are in town. Although art collectors will pay hefty sums for aesthetic reasons, high art prices and secretive auction sales have also become a prime money laundering vehicle. Money laundering in the high-end art world happensΒ in two primary ways:…