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OFAC Art Transaction Advisory Signals Increased Scrutiny

November 12, 2020Law360

On Oct. 30, the U.S. Department of the Treasury's Office of Foreign Assets Control issued an advisory and guidance addressing sanctions that may be imposed in connection with high-value artwork transactions. The advisory expresses OFAC's view that the market for artwork valued above $100,000 is particularly susceptible to abuse by sanctions targets seeking to mitigate or evade applicable sanctions, and is ripe for OFAC enforcement actions. 

To continue reading Jo Backer Laird, Harry Sandick, Daniel Ruzumna, and Emily Harris' article in Law360, please click here.