The New York Post reported this weekend that NLPC has proposed a new rule to require art galleries and dealers to look for signs of money laundering in transactions, and to aid public authorities who investigate such crimes.
The rule is inspired by Hunter Biden’s new art career, as Isabel Vincent reports:
Art galleries and museums should be subject to the same money laundering-prevention rules as banks when they buy and sell art, with extra scrutiny placed on sales by family members of elected officials like Hunter Biden, says a good-government group.
A proposed federal regulation — dubbed the “Hunter Biden Rule” — was submitted this week by the Virginia-based National Legal and Policy Center to the Department of the Treasury’s Financial Crimes Enforcement Network.
The effort was the NLPC’s response to an imminent sale of paintings, priced between $75,000 and $500,000, at a Manhattan art gallery by President Biden’s son…
The Financial Crimes Enforcement Network doubled down on its dire warnings that art galleries and museums need to be more vigilant. The agency issued a call for proposals to help them crack down on shady art deals, which are increasingly being used by terrorists and criminal enterprises to hide assets and launder billions, the agency said.
Vincent offers more details about NLPC’s proposal in the Post story.