The Biden administration raised some eyebrows Monday after it described the art and antiquities market as a hotbed of shady financial dealings — weeks after first son Hunter Biden’s work went on display in a Soho gallery.
The warning from the White House was part of its “Strategy on Countering Corruption,” which the administration described as “a comprehensive roadmap for how the United States will amplify its efforts domestically and internationally, with governmental and non-governmental partners, to prevent, limit, and respond to corruption and related crimes.”
“When government officials abuse public power for private gain, they do more than simply appropriate illicit wealth,” the introduction to the 38-page report reads, later adding: “As a fundamental threat to the rule of law, corruption hollows out institutions, corrodes public trust, and fuels popular cynicism toward effective, accountable governance.”
On page 24 of the report, the White House describes the art market as “especially vulnerable to a range of financial crimes.”
“Built-in opacity, lack of stable and predictable pricing, and inherent cross-border transportability of goods sold, make the market optimal for illicit value transfer, sanctions evasion, and corruption,” the report adds.
nypost.com/2021/12/06/wh-flags-art-market-as-money-laundering-haven-amid-hunter-biden-shows/