US Treasury targets NFTs for potential high-value art money laundering
The Department of the Treasury suggested that the increasing use of art as an investment or financial asset could make the high-value art trades vulnerable to money laundering. The U.S. Department of the Treasury released a study on the high-value art market, highlighting the potential in the nonfungible tokens (NFT) space to conduct illicit money laundering or terror financing operations.The treasury’s “Study of the facilitation of money laundering and terror finance through the trade in works of art” suggested that the increasing use of art as an investment or financial asset could make....
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An artist from Latvia is under investigation for allegedly selling NFTs, or non-fungible tokens, to launder money, for which he may get up to 12 years in prison. The authorities have blocked his bank accounts and launched an investigation without even notifying him.
Artist Who Sold Over 3,500 NFTs Prosecuted for Money Laundering in Latvia
Latvian artist and developer Ilya Borisov is awaiting trial amid accusations he used digital collectibles to launder €8.7 million ($8.8 million), as investigators claim to have established. He denies any wrongdoing and is determined to....