re: artwork and money laundering—-2

Who knew, I would have never thought of utilizing artwork to mask millions of dollars to be laundered across seas…..Its amazing the things people think…. Police intercepted a painting labeled “Hannibal” that was said to be worth $100, however, it ended up being worth 8 million and was being laundered from London to JFK…. “Law enforcement officials in the United States and abroad say “Hannibal” is just one of thousands of valuable artworks being used by criminals to hide illicit profits and illegally transfer assets around the globe. As other traditional money-laundering techniques have come under closer scrutiny, smugglers, drug traffickers, arms dealers and the like have increasingly turned to the famously opaque art market, officials say. ” I mean I guess it’s looked upon as a business but really? art? I like also how the article addresses The Art Dealers Association of America, whom of course denies underground criminal activity within the art world is even an issue to begin with, i guess it is important to note however that there really is no type of checks and balances dealing with the sales of artwork, as the article states, and i know first hand, within banks certain transactions flag certain paperwork that gets sent to the fed to be looked into and keep tracks on money going in and out of the banks…..this is why i dont read the news or watch it….its always something