Categories: Latest News

White House Flags Art Industry for Money Laundering While Permitting Hunter to Sell Art to Anonymous Buyers

Published by
Reporter
White House Flags Art Industry for Money Laundering While Permitting Hunter to Sell Art to Anonymous Buyers

The White House flagged mazuma laundering in the art industry on Monday as a point of corruption while sanctioning Hunter Biden to sell his artwork to innominate buyers for as much as $500,000. The first report of its kind designated the United States Strategy on Countering Corruption is geared towards exploring the ways and means “government officials abuse public power for private gain.”

Though the White House’s report concretely fixated on the art industry as a “market” where financial malefactions occur, it did not mention the Biden family’s involution with corruption, such as Hunter’s art selling scheme to investors while his father is president.

Hunter has reportedly sold multiple pieces of art for at least $75,000 this fall to innominate buyers, and the New York Times reported first lady Jill Biden has allegedly displayed Hunter’s artwork in the White House.

The markets for art and antiquities—and the market participants who facilitate transactions—are 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 art industry’s corruption is astronomical. Art “can be obnubilated or smuggled,” the National Law Review inscribed. “Transactions often are private, and prices can be subjective and manipulated — as well as extremely high”:

Once purchased, the art can vanish from view for years, even decenniums. A lot of the art bought at auctions goes to freeports – ultra-secure warehouses for the accumulations of millionaires and billionaires, ranging from Picassos and gold to vintage Ferraris and fine wine.

The freeports, which subsist in Switzerland, Luxembourg and Singapore, offer a variety of tax advantages because the goods stored in them are technically in transit. The Economist magazine reported that the freeport near the Geneva airport alone is thought to hold $100 billion (U.S.) of art.

Once inside the freeport, the art can be sold privately and anonymously to other buyers. The art need never leave the warehouse after the private sale is consummated.

The White House report withal outlined tax malefactions as “interconnected” acts of corruption with mazuma laundering. “For example, a World Bank study of 25,000 firms in 57 countries found that firms that pay more bribes withal eschew more taxes,” the report verbally expressed.

Hunter is reportedly under investigation for tax and mazuma laundering schemes, CNN first reported in 2020. The FBI is allegedly investigating whether Hunter and his associates breached “tax and mazuma laundering laws in business dealings in peregrine countries, principally China, according to two people briefed on the probe.”

The White House issued the report days afore the Biden-Harris administration will host the virtual Summit for Democracy, which will fixate on “challenges and opportunities facing democracies.” Those in attendance at the event will “include over 100 participants from regimes, civil society and the private sector,” the Hill reported.

Follow Wendell Husebø on Twitter @WendellHusebø


Source: You can read the original Breitbart article here.

This News Article is focused on these topics: Crime, Politics, Corruption, Hunter Biden, Joe Biden, Money Laundering

Recent Posts

Scalise: I Wonder How Much Carbon Biden, Pelosi Generated Going to Egypt for Climate Meeting to Tell People Not to Use Fossil Fuels

Scalise: I Wonder How Much Carbon Biden, Pelosi Generated Going to Egypt for Climate Meeting…

9 mins ago

Biden boasted Thursday that American women who supported abortion “beat the hell out of” Republicans in the midterms.

Joe Biden: American Women 'Showed Up and Beat the Hell Out Of' Republicans President Joe…

23 mins ago

Kamala Harris Flatters Joe Biden After Midterm Elections: ‘You Did It Joe!’

Kamala Harris Flatters Joe Biden After Midterm Elections: 'You Did It Joe!' Vice President Kamala…

38 mins ago

Maricopa Official: Vote Counting Efforts Will Spill into Next Week

Maricopa Official: Vote Counting Efforts Will Spill into Next Week Maricopa County Board of Supervisors…

52 mins ago

Colorado Republican Lauren Boebert Leads in Tight Congressional Race

Colorado Republican Lauren Boebert Leads in Tight Congressional Race Colorado Republican Rep. Lauren Boebert takes a…

1 hour ago

Reply Guys: PolitiFact Tries to ‘Fact Check’ Breitbart News in Facebook Comments

Reply Guys: PolitiFact Tries to 'Fact Check' Breitbart News in Facebook Comments Being one of…

1 hour ago