Using Art to Evade Sanctions and Launder Money: The Senate Report | Money Laundering Watch

The 147-page Senate PSI report titled 'The Art Industry and U.S. Policies That Undermine Sanctions' detailed how high-end art transactions were used to evade U.S. sanctions and facilitate potential money laundering, recommending that the Bank Secrecy Act be amended to include art dealers as 'financial institutions' subject to AML obligations. The report called on OFAC to interpret the Berman Amendment narrowly so that artwork would not be excluded from sanctions authority.