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And then Rybolovlev found out about a New York Times article he had missed from months earlier reporting that the Leonardo he had purchased for $127.5 million had been sold not long before for only $75 million to $80 million. The piece also stated that many experts thought the work had been done by an assistant in Leonardo's studio, not the artist himself.


The King free ports, as the Swiss media have dubbed him, Bouvier was embroiled in a similar legal scandal in 2008, when he was connected to a group that tricked an aging collector into selling a piece by Russian-born French artist Chaim Soutine that was then flipped to the National Gallery of Art in Washington, DC. A suite filed by the heirs of Canadian Lorette Jolles Shefner claims she was misled into selling Piece of Beef for $1 million in the Spring of 2004 by two art experts who, a few months later, sold it to the National Gallery for nearly twice the price. Bouvier was "acting in concert [with the experts] to disguise the true ownership" of works of art as part of the fraudulent scheme, court documents revealed.

He told Swiss publication Le Temps that Rybolovlev owes his company “tens of millions of euros,” while claiming that the oligarch set him up after failing to cough up the cash for Rothko’s No. 6 – Violet, Green, and Red. “[Rybolovlev] couldn’t pay the balance of the last painting he bought from my company, the most beautiful Rothko in the world.” Invited by the buyer to chat, Bouvier “fell into an ambush” as he was detained and handcuffed by eight police officers.
It is hard to imagine a business more custom-made for money laundering, with million-dollar sales conducted in secrecy and with virtually no oversight. What this means in practical terms is that “you can have a transaction where the seller is listed as ‘private collection’ and the buyer is listed as ‘private collection,’ ” said Sharon Cohen Levin, chief of the asset forfeiture unit of the United States attorney’s office in Manhattan. “In any other business, no one would be able to get away with this.”
Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
Let’s get back to the real estate pilot program that lies at the heart of the Times’s confusion. That federal program, which may or may not be continued, relies upon mortgage title insurance companies to report to authorities the ultimate beneficial owner of any vehicle used to buy or sell very valuable real estate. It does not require the seller to reveal the beneficial owner to the buyer or vice versa.

I always faced my problems. You have to show some balls. Funnily enough, a lot of these hitmen, if they are cut from the right cloth, will come to you with a certain respect if you don't hide. When the Yugoslavian mafia were going to kidnap my father and brother for trying to set a sting operation against them, I had to come back to Amsterdam to face it. I said, "OK, come along. If you're going to kill me, kill me. If you want my money, go fuck yourself." That's the language they speak. I was standing with my bodyguards on the terrace in Amsterdam and this car flew past and they started shooting at me. A bullet went straight through my leg.
The Harriman Institute strives to facilitate the effective use of the unique resources it possesses to further the work of the diverse community of scholars in residence, students and the more than 60 faculty members who make up the Harriman Institute faculty. Taken together, the library collections of Columbia and the New York Public Library constitute the single largest concentration of Russian-language materials in the country. Moreover, the numerous resources of New York City—the U.N. missions, the many foundations and societies based in the city, the wealth of museums, special collections and archives, to name just a few—ideally complement those of Columbia University.
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Schiff accused Republicans who have circulated the memo of carrying water for the White House. “It’s a bit of a hodgepodge of false statements and misleading representations,” he said, and argued that the report sought to mislead the public, relying on the expectation that the classified information that underpins and contextualizes it would never be made public.
Anonymity was certainly a factor in the success of the scam that took down the estimable Knoedler gallery in New York after 165 years in business. Some $80 million was turned over by collectors to purchase unknown, albeit fake, “masterpieces” that were brought to market by a Long Island art dealer and her boyfriend. They said all the work had come from a mystery collector who became known as Mr. X. In fact, they were being created by a forger in his Queens garage.

3. Ferromagnetic detectors are becoming a favorite in the contraband smuggling and detection field. The cell phone does not need to be turned on for the detection to happen. The detector picks up the electromagnetic field generated by any mobile phone – even OFF and with the battery removed. The downside is the range is short and sometimes less than a foot.
E was established in the international art market, as well as the black market at the time. He must have seen some potential in me. Obviously you had to take risks in the art smuggling world, and he probably saw me as somebody who would take them, which was indeed true. I had a Dutch passport as well, which I'm sure didn't hurt. So E wanted me to take these stolen antique byzantine oil lamps and crucifixes back with me to Holland. I did, and sold them for top dollar to private collectors in Europe.
The Italian and other governments are becoming far more aggressive in seeking the repatriation of looted antiquities. Italy in particular waged a long legal battle against Getty curator of antiquities, Marion True, for acquiring illicitly exported pieces, although the case finally exhausted the statute of limitations. And in recent years numerous American museums – including the Metropolitan Museum of Art in New York, Boston’s Museum of Fine Art and the Getty in Los Angeles – have been forced to return looted antiquities to their host countries. These include the famed Etruscan Euphronios krater (wine bowl) dating from 515 BC and which was bought by the Met in 1972 for $1.2m. It turned out that this had also been handled by Medici, and the museum gave it back to Italy in 2006. Just this month, the Getty said it was returning a 12th-century Byzantine illuminated New Testament to the Greek Dionysiou monastery – from which it had disappeared more than 50 years ago.
Money obtained illegally—from fraud, embezzlement, bribery, etc.—needs a hiding place. A huge deposit into a bank account, with no clear indication of where that money came from, is a red flag for the IRS. So instead of depositing dirty money, or holding onto it as cash, disreputable people will often turn the money into something else (cars, mansions) or filter it through a business so it comes out the other side looking like the profits of a legitimate enterprise.
The Wolf of Wall Street was a hit when it was released in 2013. Moviegoers all over the world loved the story of excessive wealth and greed. But most people didn’t know that the movie was partially funded by a money-laundering scheme involving famous works of art. Malaysian Prime Minister, Najib Razak, had siphoned part of a $1 billion fortune from the Malaysian sovereign wealth fund into American assets, such as real estate and paintings by Basquiat, Rothko, and Van Gogh.
The anonymity of buyers is also a huge advantage for criminals. Who hasn’t seen the images of an art auction for a famous painting at Christie’s or Sotheby’s, where brokers are on the phone with mysterious clients? Art market operators generally refuse to disclose the identities of their clients under the guise of “protecting the integrity of the transactions.”
But to dealers and their clients, secrecy is a crucial element of the art market’s mystique and practice. The Art Dealers Association of America dismissed the idea that using art to launder money was even a problem. “The issue is not an industrywide problem and really does not pertain to us,” said Lily Mitchem Pearsall, the association’s spokeswoman.
When addressing the KYC procedures under Guideline 3, the AML Guidelines explain that establishing a client’s risk profile will require an art business to obtain information on the client; understand the purpose and intended nature of the transaction; and understand the client’s source of wealth and how they acquired their art collection.  The AML Guidelines also stress the need to identify beneficial ownership, “even if the contracting client raises confidentiality concerns,” and note that the art business “may also choose to include appropriate warranties and representations in their agreements with their clients to emphasise the importance of this point.”  Further, art businesses should peform due diligence on intermediaries, such as art advisors or brokers, acting for one of the parties to a transaction.
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