In an industry that lacks much in the way of regulation and heavily relies upon privacy, it is no surprise that the sale and transfer of fine art is one of the world's most popular methods of money laundering. This article takes an in depth look at the world of art and money laundering and is worth a read.
One important question is whether an innocent purchaser or seller of laundered art has any right to receive back the work or the funds used in the sale of the work. Certainly a major concern would be if the art is forfeited by the government. The artwork is then potentially subject to the criminal proceedings against the accused money launderer and a long delay in recovering either the work or the funds may be inevitable.
Legal counsel is critical in this situation in order to properly assert rights in the allegedly laundered funds or artwork as the process is detailed and complex.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.