US Senate subcommittee report on art & sanctions evasion

The US Senate Permanent Subcommittee on Investigations has published a report on “The Art Industry and US Policies that Undermine Sanctions”, which outlines how transactions involving high value art can be used to circumvent sanctions. The report makes a number of recommendations, including suggesting that, in the Subcommittee’s view: OFAC should lower or remove the 50% ownership/control threshold for sanctioning …