Senate Report Exposes the U.S. Art Market as a Hotbed for Money-Laundering and U.S. Sanctions Evasion

A 150-page bipartisan congressional report released on July 29, 2020 by the Senate's Permanent Subcommittee on Investigations detailed how Russian oligarchs exploited loopholes in the unregulated U.S. art industry to evade sanctions and launder money. The report, led by Senators Rob Portman and Tom Carper, called for the art market to be brought under the same anti-money laundering framework as financial institutions under the Bank Secrecy Act.