Revista de Economía y Negocios

Self-Regulation in the Art World and the Need to Prevent Money Laundering

Abstract

Fausto Martin De Sanctis

Organized crime has had a relatively free hand in its efforts to make criminal assets legal. This is made possible by some ineffectiveness of current national and international laws, which have not kept pace with the changing situation. Due to the fact that there is no particular concern with art, criminals and those involved in illegal activities have discovered the art world to be a real and clandestine arena through which money can be laundered. The following article argues for careful situation involving the actors of the art sector, notably its self-regulation, in order to curb money laundering through art.