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Last week, the Office of Foreign Assets Control (OFAC) issued an Art Advisory, warning of the sanctions risk presented by high-value artwork transactions due to the anonymity, lack of transparency, mobility of assets, and subjective valuations that often characterize that market. OFAC cautions that bad actors, like terrorist financiers and others subject to sanctions, may use the market to illicitly access the U.S. financial system, transfer funds, and hide assets....
By: Kelley Drye & Warren LLP