The art of money laundering
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The art world has become a target for criminal master minds that are looking for ways to wash their dirty cash. The art market is appealing to criminal networks as it’s sales are shrouded in secrecy, art works can be over and undervalued and art is easily transferred around the globe.
The Australian government introduced Unexplained Wealth Laws in 2010 as a way of getting criminals to explain how they came across their wealth. However, Anti-money laundering experts say there is still a way to go when it comes to beating international money laundering syndicates.
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