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Location
Online Asynchronous
Access Type
Campus Access Only
Entry Number
135
College
College of Business
Department
Business
Keywords
art market, money laundering, art market regulation, tax evasion, terror finance
Abstract
It is no secret that money laundering has seeped into the art market for years, but veils of anonymity and lack of regulation has kept many of those who foster the illegal operations immune from justice. As criminal operations permeate the art market on a regular basis, what can be done? This thesis will approach this question through an examination of qualitative data and studies, including investigating applicable recent cases, to understand four unique vulnerabilities of the global art market and how these weaknesses are exploited. Additionally, the major two groups who use the art market as a means of money laundering will be identified. I will be analyzing how each of these factors perpetuates the problem of money laundering in the art market, and I will propose solutions on two fronts: government regulation and internal self-regulation. These proposed actions, both external and internal, directly correspond to the vulnerabilities identified within the art market. These actions are intended to build upon current regulation imposed by the European Union and United States, as they comprise much of the art market’s total value. Recommendations to bolster the art market’s self-regulatory culture, however, are not restrained to national borders, but reflect national policies. Despite being frequently portrayed as a “victimless crime,” money laundering on this scale is fraught with danger to not only national and global economies through the effects of tax evasion, but also the safety of people around the world through the finance of terror organization.
Faculty Mentor(s)
Dr. Stef Nicovich
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Money Laundering in the Global Art Market
Online Asynchronous
It is no secret that money laundering has seeped into the art market for years, but veils of anonymity and lack of regulation has kept many of those who foster the illegal operations immune from justice. As criminal operations permeate the art market on a regular basis, what can be done? This thesis will approach this question through an examination of qualitative data and studies, including investigating applicable recent cases, to understand four unique vulnerabilities of the global art market and how these weaknesses are exploited. Additionally, the major two groups who use the art market as a means of money laundering will be identified. I will be analyzing how each of these factors perpetuates the problem of money laundering in the art market, and I will propose solutions on two fronts: government regulation and internal self-regulation. These proposed actions, both external and internal, directly correspond to the vulnerabilities identified within the art market. These actions are intended to build upon current regulation imposed by the European Union and United States, as they comprise much of the art market’s total value. Recommendations to bolster the art market’s self-regulatory culture, however, are not restrained to national borders, but reflect national policies. Despite being frequently portrayed as a “victimless crime,” money laundering on this scale is fraught with danger to not only national and global economies through the effects of tax evasion, but also the safety of people around the world through the finance of terror organization.