Government to clamp down on Irish criminals using art to launder dirty money

Irish criminals are using art to launder their dirty money but the Department of Justice has launched a new clampdown against the move.

“In the end of his life Pablo Escobar, the drug lord, found out that instead of having a truck load of cash, you could also have a Picasso.“So art has always been a very good investment for criminals.” He said: “There are pieces of art, let’s say a Picasso worth €30m, being sold from one offshore company to another off-shore company and nobody knows who the seller is, nobody knows who the buyer is.

As of December 7, regulatory investigators of the Anti Money Laundering and Compliance Unit in the department have carried out 10 individual inspections of art traders and art intermediaries. This year another 20 are planned.

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Art dealers urged to act against criminals looking to launder moneyDepartment of Justice is acting under new laws to intensify regulatory inspections of art traders and intermediaries Lol… they all moved to NFTs… It would be the decent thing to do alright.
Source: IrishTimes - 🏆 3. / 98 Read more »