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the White House warns that the art world is a breeding ground for money laundering and other financial crimes as the president’s son, Hunter Biden, raised eyebrows by selling paintings for up to half a million dollars, despite lacking any formal artistic background.
The Biden administration on Monday released a national anti-corruption strategy, which it says is the first of its kind.
White House document addresses the corrupt art world, noting that the “art and antiques markets – and market players who facilitate transactions – are particularly vulnerable to a range of crimes financial “.
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“The built-in opacity, the lack of stable and predictable prices and the inherent cross-border transportability of the goods sold make the market optimal for illicit value transfer, evasion of sanctions and corruption”, the strategy bed.
The White House’s recognition of money laundering in the art world comes as the administration has received criticism from ethics experts regarding art sales involving young Biden’s work.
Carrying price tags between $ 75,000 and $ 500,000, the scrutiny undermined Biden’s first foray into the art world, especially due to his inexperience in formal art.
The White House has long said it has an ethics plan in place for the president’s son to make sure he doesn’t know who is buying his art.
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Much of this plan appears to have been in name only, as Biden has appeared at his art shows where potential buyers were hiding.
The White House did not immediately return Fox News’ request for comment.