THE OFFSHORE WORLD AWASH IN VALUABLE ART

On 28 January, ICIJ said that leaked documents show that, beginning in 2009, a London financial broker used an offshore trust to buy more than a dozen Banksy pieces, including several that are now iconic.  It says that the records detailing the Banksy transactions are found in the Pandora Papers, a huge cache of documents that describe financial holdings of hundreds of politicians, oligarchs, business tycoons and criminals.  Art has become an increasingly popular store of value in the offshore world, the documents show, with pieces traded by shell companies and trusts whose ultimate ownership is often hidden from authorities and the public.  All told, ICIJ identified more than 1,600 works of art by about 400 artists from all over the world, secretly traded through shell companies in tax havens.

https://www.icij.org/investigations/pandora-papers/from-banksy-to-picasso-offshore-world-awash-in-valuable-art/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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