By PAUL O’DONOGHUE, Senior Correspondent
HIGH-value deals, hazy valuations and an intense focus on privacy are a few reasons why the art market can be a haven for money launderers.
The likes of convicted fraudster Inigo Philbrick have used these features to con wealthy investors out of millions of dollars.
On the latest episode of ‘Collared’, Tomasso Di Ruzza, the Former Head of the Vatican City’s Financial Intelligence Unit, explores the delicate balancing act required to regulate the art world.
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Di Ruzza, who is also a senior director at K2 Integrity, examines how criminals utilise the sector’s secrecy and how they can be stopped.
It’s not just high art. Many cinemas showing Hollywood blockbusters have also inadvertently become premier destinations for washing dirty cash.
The $100 billion generated every year through box office sales and spin-off activities moves across borders through web-like corporate networks.
This has created the perfect smoke screen for high-stakes financial crime.
James Treacy, AML Intelligence’s Managing Director, dives into the web of scripts, screens, and dark money.
Episode 12 comes after last week’s ‘Collared’ looked at how the Cayman Islands is attempting to overhaul its reputation as a hub for suspicious finance.
Elisabeth Lees, co-founder of Claritas Legal, spoke to Collared about the country’s ongoing compliance architecture overhaul.
Carlo Boffa, AML Intelligence’s EU correspondent, also explored the increasingly divergent approaches to crypto regulation on both sides of the Atlantic.
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