NEW: The #PandoraPapers uncover more than 1,600 works of art secretly traded through tax havens — exacerbating the opacity of what’s been called the ‘largest, legal unregulated industry.’ 🧵bit.ly/34m7AQA
From Picassos to Warhols to collections worth millions, the #PandoraPapers show how art has become an increasingly popular store of value in the offshore world, where the ultimate ownership of pieces is often hidden from authorities and the public. bit.ly/34m7AQA 
The #PandoraPapers also reveal that iconic pieces by street artist Banksy, whose artwork is known for its anti-capitalist message, have been swept up into a parallel financial system that supports and contributes to global inequality. bit.ly/34m7AQA
London broker and former car racer Maurizio Fabris used an offshore trust to buy more than a dozen Banksy pieces — and later sell three while he and his business associates came under criminal investigation in Italy for alleged tax fraud. #PandoraPapers bit.ly/34m7AQA
A 2017 verdict against Fabris and business associates, which found them guilty of evading about $6.6 million in Italian taxes, was overturned on appeal. Fabris denies wrongdoing. bit.ly/34m7AQA
In much of the world, including the U.S., art dealers have long not been subject to know-your-customer rules meant to stop money laundering and financial crime.
The ease with which art can be traded can attract criminals, experts say. bit.ly/34m7AQA
The ease with which art can be traded can attract criminals, experts say. bit.ly/34m7AQA
Over the last three decades, the global art market has boomed, evolving from a niche sector for the elite into an estimated $50 billion industry that operates with uneven anti-money laundering oversight. bit.ly/34m7AQA
A 2020 @HSGAC report said:
A 2020 @HSGAC report said:
The EU targeted art dealers and auctioneers in a 2018 anti-money laundering directive.
The U.S., with its $21 billion art trade — the world’s largest — doesn't require art dealers and traders to vet clients and report suspicious transactions. bit.ly/34m7AQA
The U.S., with its $21 billion art trade — the world’s largest — doesn't require art dealers and traders to vet clients and report suspicious transactions. bit.ly/34m7AQA
ICIJ has investigated financial secrecy in the art and antiquities trade in the #PanamaPapers, #FinCENFiles, #PandoraPapers and more.
📧 Subscribe to our free e-newsletter to follow along with our reporting. icij.org/newsletter/
📧 Subscribe to our free e-newsletter to follow along with our reporting. icij.org/newsletter/
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